Question: Even if ICFR is expected to have been effective for
Even if ICFR is expected to have been effective for the entire fiscal year, why might the auditor choose to NOT test effectiveness during the year?
Answer to relevant QuestionsWhat are the important steps of obtaining an understanding of the client’s ICFR?Describe how extensive audit documentation must be. What purposes must it be able to serve?What does SOX require regarding whistleblower reports?How does the auditor gather evidence on the effectiveness of ITGC?What affects the risks associated with a control?
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