Audits of Financial Statements Compared to Audits of Internal Controls
Answer each of the following questions in one or two paragraphs.
- Explain the purpose (objective) and benefits of conducting an audit of financial statements. Who are the primary beneficiaries of such an audit?
- Explain the purpose (objective) and benefits of conducting an audit of internal controls over financial statements.
- Explain the characteristics that make audit evidence persuasive and adequate to support an audit opinion in regard to a company's financial statements.