Sub: Accounts Topic: Need of Audit
Audit fundamentals from the given information.
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Compare and contrast the three levels of accounting assurance (compilation, review and
audit). How much confidence can be place in each? Why would a company want an audit?
Compilation: Compilation includes certain basic requirements such as having knowledge of
clients business and industry, applicable accounting principles, having a clear understanding as
to the services to be provided; also reading the previous financial st