Knowledge Relevant to Performing a Financial Audit: Mary Deming

4-1
Student's Name
Institutional Affiliation
Course
Date
Question A
Considering that Mary Deming has not audited any financial institution in the past, first, she should understand and carry research regarding the business model the organization is using. Also, she should be equipped with general knowledge about financial institutions and the major transactions carried out by the departments and the teams being audited. As an auditor, she should understand the standards used in the analysis of the industry, the flow of processes, and the laws, rules, and regulations that the government has regarding the industry. Lastly, besides the above, as an auditor, she should have access to the audit documents and papers worked on in the previous audits.
Question B
Deming must conduct research and consult experts to obtain rich content about the audit process to obtain such knowledge. To deeply understand the organization's business transactions, Demi...