Consideration of internal control is necessary to determine nature, timing, and extent of substantive tests
Internal control is defined as a process—effected by an entity’s board of directors, management, and other personnel—designed to provide reasonable assurance regarding the achievement of objectives in the following categories:
Related to the above is the safeguarding of assets.
Internal control consists of five interrelated components
Control activities are policies and procedures that help ensure that management directives are followed
The auditor will be concerned about
I say! These control activities are pips
Duties requiring segregation are
Risk assessment addresses how the company identifies, ...