MGAD10H3 Chapter : Review Question Solutions

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An audit is a process conducted to look for correspondence between a representation or statement and support for the representation or statement. A financial statement audit is a process through which an auditor examines and evaluates support for the proposition that what is shown in the financial statements of a company represents the underlying economic events that the company has experienced. An audit of internal control over financial reporting is a process that examines whether the company"s internal controls are effective and as a result will enable it to produce fair and reliable financial statements. An integrated audit is a process whereby the auditor performs checks in order to state an opinion about whether internal control over financial reporting is effective and the financial statements are fair. A2 what is the purpose of an audit? material misstatement and whether effective internal control over financial reporting was maintained in all material respects.

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