As an auditor, it is important to gain a comprehensive understanding of every aspect of a client’s internal control. This helps in evaluating control risk and preparing for the audit of the client’s financial statements. Choose one of the following questions to discuss:For what purposes should an auditor use their understanding of internal control components to plan an audit?What factors should an audit team consider when trying to reduce the planned assessed level of control risk below the maximum?What are the documentation requirements for a client’s internal control and assessed level of control risk?

An auditor uses their understanding of internal control components to plan an audit for several…

Answered: As an auditor, it is important to gain…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

As an auditor, it is important to gain a comprehensive understanding of every aspect of a client’s internal control. This helps in evaluating control risk and preparing for the audit of the client’s financial statements. Choose one of the following questions to discuss:

For what purposes should an auditor use their understanding of internal control components to plan an audit?
What factors should an audit team consider when trying to reduce the planned assessed level of control risk below the maximum?
What are the documentation requirements for a client’s internal control and assessed level of control risk?

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