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