Essay
Black Rock Limited is a marble and tile outlet that has a large outdoor area as well as an indoor showroom for a variety of stone,tile,and marble.It is July and your firm has just been appointed as the auditor for the September year-end audit.The previous auditing firm had conducted review engagements.The company's bank has asked for audited financial statements for the current year end.
Required:A)What is the purpose of obtaining knowledge of the client's industry and business environment? Identify at least three procedures that you could undertake in this area.B)What is the purpose of obtaining knowledge of the client's business? Identify at least three procedures that you could undertake in this area.
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