The current audit methodology used by accounting firms is based on risk assessment and reliance on internal controls.

Question

Quizplus · Accepted Answer

The current audit methodology used by accounting firms is indeed based on risk assessment and reliance on internal controls. This means that auditors assess the risks involved in a client's financial statements and determine the level of reliance they can place on the business's internal controls to provide assurance over the accuracy and completeness of the financial information.

The Current Audit Methodology Used by Accounting Firms Is Based