Describe the five components of internal control.
Answer to relevant QuestionsWhat are the factors that affect the control environment? What are the requirements under auditing standards for documenting the assessed level of control risk?Auditors use various tools to document their understanding of an entity’s internal control system, including narrative descriptions, internal control questionnaires, and flowcharts. Required: a. Identify the relative ...Describe how management and the auditor decide on which locations or business units to test. What are the auditor’s documentation requirements for an audit of ICFR?
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