In a financial statement audit, the auditor maintains professional relationships with:
A) shareholders and creditors
B) the board of directors and ASIC
C) the audit committee and the internal auditors
D) management and the professional accounting bodies

Question

Quizplus · Accepted Answer

The auditor maintains professional relationships with the audit committee and the internal auditors as part of their role in ensuring the integrity and accuracy of financial statements. The audit committee oversees the audit process on behalf of the shareholders, and the internal auditors provide insights into the company's internal controls and operations, which are crucial for the external auditor's work.

In a Financial Statement Audit, the Auditor Maintains Professional Relationships