In your opinion, what are the benefits of assessing the effectiveness of internal controls over financial statements ICFR to the audit process, other than being a requirement of PCAOB?

Accounting

Auditing Principles and Procedures

Assignment Question(s):  (Marks 15)

IMPORTANT NOTES: Answer in your OWN words, DO NOT COPY from slides, fellow students, or internet sources without proper citation.

 

Q1. What is the difference between audit, attestation, and assurance services? And how do the answers provide value to stakeholders?

Your answer should have a minimum of 400 words. (5 Marks)

                           

Q2. How can auditors effectively plan an audit in a dynamic and uncertain environment? Provide an example to describe your answer.

Your answer should have a minimum of 400 words. (5 Marks)

 

Q3. In your opinion, what are the benefits of assessing the effectiveness of internal controls over financial statements ICFR to the audit process, other than being a requirement of PCAOB?

Your answer should have a minimum of 300 words. (5 Marks)