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Auditing Reviewer No. 3

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Rence Cervantes
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5 views

Auditing Reviewer No. 3

This serves as a reviewer for this topic.

Uploaded by

Rence Cervantes
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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1.

Purpose of Auditing: Auditing aims to enhance the reliability of financial


statements, ensuring stakeholders can make informed economic decisions based
on accurate information.

2. Qualities of an Auditor: An auditor must be independent, objective, and possess


professional competence, along with the ability to maintain confidentiality and
exercise professional judgment.

3. Audit Planning: This phase involves understanding the client’s business,


identifying risks, and developing an audit strategy to efficiently allocate resources
and address critical areas.

4. Materiality in Auditing: Auditors consider materiality to determine the significance


of errors or omissions in financial statements and whether they could influence
decision-making.

5. Internal vs. External Auditing: Internal auditors focus on improving internal


controls and processes within the organization, while external auditors provide an
independent opinion on the financial statements for external stakeholders.

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