Consider “control environment.” Why it is important for auditors to understand a client’s control environment. What are some limitations of internal controls?Now consider “segregation of duties.” Determine why it is important in an IT environment. What are some advantages of using IT and audit software when conducting an audit?

A controlled environment refers to the term "Internal control environment" which implies that the…

Answered: ider “control environment.” Why it is…

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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Consider “control environment.” Why it is important for auditors to understand a client’s control environment. What are some limitations of internal controls?

Now consider “segregation of duties.” Determine why it is important in an IT environment. What are some advantages of using IT and audit software when conducting an audit?

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