Auditing is a Cornerstone in Financial Reporting
I disagree with the statement that auditing is not necessary for effective financial reporting. This is due to the fact that its main objective is to obtain reasonable assurance, whether the financial statement does not have financial misstatement, caused by error or fraud. AICPA (2013) suggests that a financial statement audit offers an independent, third party opinion to Department of Labor (DOL), plan management, participants […]