Business Finance Homework Help

I’m working on a accounting test / quiz prep and need guidance to help me learn.

• If the group auditor assumes responsibility for a component auditor, the audit report:
  1. Must be signed by both the group auditor and the component auditor.
  2. Must explain specifically the division of work between the group and component auditors.
  3. Does not need to mention the component auditor.
  4. The group auditor cannot assume responsibility when the component auditor performs at least 5% of the total audit hours.