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The amount of time spent verifying owners' equity is frequently minimal for closely held corporations because

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The amount of time spent verifying owners' equity is frequently minimal for closely held corporations because

The amount of time spent verifying owners' equity is frequently minimal for closely held corporations because

▸ these companies are so small that it is not necessary to audit the capital section.

▸ the few owners all have access to the books so the auditor spends more time on accounts like liabilities, which affect outsiders.

▸ there are few if any transactions during the year for the capital stock accounts, except for earnings and dividends.

▸ there is no public interest in these companies.

Textbook

Auditing and Assurance Services

Edition: 17^th

Authors: Arens, Elder, Beasley, Hogan

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