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Author Question: In order to obtain an understanding of the client's business, the audit firm will consider (Read 65 times)

mccallkeeler

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on: Aug 21, 2022

Question 1

Auditors should understand client objectives related to
◦ reliability of financial reporting.
◦ effectiveness and efficiency of operations.
◦ compliance with laws and regulations.
◦ All of these.

Question 2

In order to obtain an understanding of the client's business, the audit firm will consider
◦ inherent and control risk of the client.
◦ audit risk to the CPA firm.
◦ the client's business risk and the risk of material misstatements in the financial statements.
◦ the CPA firm's potential ongoing revenue from the audit client.
Auditing and Assurance Services ¦ Arens, Elder, Beasley, Hogan ¦ 17th Edition
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Marked as best answer by mccallkeeler on Aug 21, 2022

MajorWaffle

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Reply #1 on: Aug 21, 2022
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mccallkeeler

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Reply 2 on: Aug 21, 2022
YES! Correct, THANKS for helping me on my review

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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