To Do an Audit,it Is Necessary to Have Information in a Verifiable

question 26

Essay

To do an audit,it is necessary to have information in a verifiable form and some criteria by which the auditor can evaluate the information.
Required:A)What information and criteria would a public accounting firm use when auditing a company's financial statements? B)What information and criteria would a Canada Revenue Agency auditor use when auditing that same company's tax return?C)What information and criteria would an internal auditor use when performing an operational audit to evaluate whether the company's computerized payroll processing system is operating efficiently and effectively?

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Definitions:

Illegality

The state of being illegal or not permitted by law.

Clayton Act

A U.S. antitrust law enacted to promote competition and prevent monopolies by prohibiting certain types of discriminatory prices, services, and exclusive agreements among businesses.

Directors

Members of a company's board who are elected by shareholders to oversee the management and make significant business decisions.

Antitrust Amendments Act

Refers to legislative changes aimed at strengthening laws that regulate business practices to ensure fair competition and prevent monopolies.