Question -
1. Before accepting the audit engagement, the auditor has evaluated the client management. Why is this so?
2. At present there is no legal definition of the term "accountant" as a result, any person or firm can describe themselves as accountant regardless of their education qualifications or experience do you believe this is appropriate? Provide reasons for your decision.
3. Audit committee has been established as subcommittee of the board of directors or other governing body. State who is in that committee and the purpose of its establishment?
4. What is the difference between the role of an audit committee and the role of an auditor?