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Problem:

Kevin Black, the sole owner of the small bakery, has been told that the business must have financial statements reported on by the independent auditor. Kevin Black, having some bookkeeping experience, has individually prepared the company’s financial statements and doesn’t understand why such statements must be examined by the independent auditor.

Required:

problem 1: Illustrate the objectives of the independent audit.

problem 2: Recognize five (5) ways in which the independent audit might be beneficial to Kevin Black.

Auditing, Accounting

  • Category:- Auditing
  • Reference No.:- M99720

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