A prospective assurance client company, which is not obliged to have a statutory audit, has asked for an explanation of the potential benefits of an audit. Prepare notes for a meeting with the...

A prospective assurance client company, which is not obliged to have a statutory audit, has asked for an explanation of the potential benefits of an audit. Prepare notes for a meeting with the client’s director, which discuss THREE benefits of assurance, and also address THREE potential limitations.