To adequately plan an audit, the auditor should obtain sufficient knowledge of the entity and its selection and application of accounting policies.This includes obtaining knowledge about the entity's business operations, investments, financing and financial reporting and accounting practices.For each of these areas, list two activities that the auditor would need to gain an understanding of.

Question

Quizplus · Accepted Answer

The Answer of To adequately plan an audit, the auditor should obtain sufficient knowledge of the entity and its selection and application of accounting policies.This includes obtaining knowledge about the entity's business operations, investments, financing and financial reporting and accounting practices.For each of these areas, list two activities that the auditor would need to gain an understanding of.

To Adequately Plan an Audit, the Auditor Should Obtain Sufficient