Audits of Financial Statements Compared to Audits of Internal Controls

Audits of Financial Statements Compared to Audits of Internal Controls

Answer each of the following questions in one or two paragraphs.

1. Explain the purpose (objective) and benefits of conducting an audit of financial statements. Who are the primary beneficiaries of such an audit?

1. Explain the purpose (objective) and benefits of conducting an audit of internal controls over financial statements.

1. Explain the characteristics that make audit evidence persuasive and adequate to support an audit opinion in regard to a company’s financial statements.