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Unformatted text preview: financial statements. Uers of these companies finanicial information, such as potential investors, stockholders, creaditors and the general public, rely on the auditor to present an unbiased and independent evaluation on such companies. Thus, for ensuring a companys financial statements fairly present financial position and results of operations, auditors should have an understanding of the clients business and industry, the systems employed to process transactions, the quality of personnel involved in accounting fuctions, the clients policies and procedures related to the preparation of financial statements, and much more. Auditors are also required to gain a more thorough understanding of the client and to evaluate the design effectiveness of internal control....
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This note was uploaded on 02/01/2012 for the course ACCT ACC562 taught by Professor Williamguy during the Fall '10 term at Strayer.
- Fall '10