Identify the primary parties involved in preparing and auditing financial statements, and briefly describe their roles. Use the illustration below to help you answer the question. Exhibit 1.4Parties Involved in Preparing and Auditing Financial StatementsORGANIZATIONManagementMaintains InternalControls and PreparesReportsFinancial Statementsand RelatedExternal AuditorDisclosuresInternal Audit FunctionProvides IndependentAlongwith the Auditor'sProvides InternalAudit of Internal ControlsAssurance on InternalControls and Reportsand Financial StatementsReportsDisseminated to UsersAudit CommitteeProvides Oversight of theReporting Process andOther Parties

There are two types of audit: Internal Audit External Audit Internal Audit: An impartial service…

Answered: Identify the primary parties involved…

Identify the primary parties involved in preparing and auditing financial statements, and briefly describe their roles. Use the illustration below to help you answer the question.

Auditing: A Risk Based-Approach to Conducting a Quality Audit

10th Edition

ISBN:9781305080577

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter1: Auditing: Integral To The Economy

Section: Chapter Questions

Problem 18MCQ

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