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Explain why an entity might opt for an audit

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Reference no: EM132762721

Question: You are reviewing submissions to a Parliamentary Committee that is reviewing legislation financial reporting and assurance requirements for unlisted companies. One submission proposed that entities of a certain size should be able to choose to have either an audit or a review of their annual financial statements.

Required: Explain why an entity might opt for an audit instead of a review even though a review costs less.

Reference no: EM132762721

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