ll statements are true B. all statements are false C. S1 and S2 are true D. S1 and S3 are true
S1: The role played by the audit committee is so significant that an ineffective audit committee or lack of it influences the auditor's assessment of the control environment. S2: Making the narrative description to document understanding of client's internal control is less time consuming compared to merely checking the answer columns in the ICQ method. S3: After obtaining sufficient knowledge about the internal control structure and verifying that the policies and procedures have actually been placed in operation, the next step would be to determine the planned assessed level of control risk for the different financial statement assertions.
A. all statements are true
B. all statements are false
C. S1 and S2 are true
D. S1 and S3 are true
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