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What is the difference between review and audit

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Reference no: EM131647629

Assignment

• Please answer 2 of the questions below

• What are the four types of auditor opinions on financial statements? Why are they so important for users? And, which ones you can trust to use, which ones not?

• Who has the responsibility for the financial statements? Why does SOX Act clearly state the responsibility for the party? What are the auditors' roles in the financial statements' fair presentation?

• Notes to financial statements are interpretations to the measurements and classifications, estimations, and methods applied by the management. Why are notes so important to understand financial reporting? Find an example (from the textbook or from a real company) to illustrate the importance of the notes. Hint: You can check a company's website. On the website, you can find Investor Relationship (or similar title) and then find 10-K, the annual report of the company.

• What is review? What is the difference between review and audit? Can reviewers give audit opinion on the financial statements? Why or why not? Try to illustrate your points with live examples.

• Explain the basic structures of balance sheet, income statement, and statement of cash flows. Particularly discuss the relationship among these statements.

• What are the common business entities? Discuss the advantages and disadvantages of each type of entity.

Reference no: EM131647629

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