In a financial statement audit, questionnaires and interviews can be helpful in: (i) assessing management's integrity, (ii) reviewing internal controls.

Question

Quizplus · Accepted Answer

Questionnaires and interviews can provide valuable insights into management's integrity and the effectiveness of internal controls. Assessing management's integrity is important because it can affect the reliability of financial reporting. Reviewing internal controls helps auditors identify areas of potential risk and determine whether controls are in place to mitigate those risks. Therefore, both (i) and (ii) are correct.

In a Financial Statement Audit, Questionnaires and Interviews Can Be