What are the purposes of an independent audit?

Questions for assignment#1

1. What are the purposes of an independent audit?

2. What is the difference between an auditor’s management letter and the opinion letter?

3. Why is it important to know where the organization’s cash comes from and where it goes?

4. Do the four financial statements provide adequate information about the financial position and results of operations of the organization?

5. Provide several examples of notes to the financial statements.

6. Do the four financial statements provide adequate information for managerial purposes? Explain.

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