From the course: Audit and Due Diligence Foundations
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Who supports the audit?
From the course: Audit and Due Diligence Foundations
Who supports the audit?
- Companies have a small number of senior executives in the C-suite. And armies have only a small number of generals, and yet they're both able to do so many things. How? Because these leaders leverage the skills and experience of people with less experience to have a big impact. This is also what CPAs do in an audit. You see, audits can be very big projects, and while independent audits must be done under the direction of CPAs, many people involved in the audit are not CPAs. Each audit requires people to check financial records and physical assets of companies, both big and small. These processes called testing and sampling require that a lot of different facts and items need to be checked. If you are doing an audit of a car parts manufacturer, you need people to go out and examine and count some of the parts. Especially in audit projects of big companies, like Walmart, Amazon, Apple, or Bank of America, there's often…
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