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Assignment Sample Of Subject– ACCT2002 Auditing and Assurance Services

The subject code ACCT2002 sample provides the student with an understanding of the topics related to audit principles, risk assessment and internal controls. The sample contains important questions related to auditing principles and standards.  
 
Q1. Why is auditing important for businesses?
Internal auditing is important for independent verification of a company's financial statements. 
 
Q2. What is the difference between internal and external auditing? 
Internal audit is usually undertaken by company employees and is a review of internal controls. An external audit is performed by an independent party to determine if the financial statements are fairly presented for its external stakeholders.

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