Explain how using dual-purpose tests can lower audit costs.
Answer to relevant QuestionsCan control risk be high for one assertion and low for another assertion for the same account balance? Explain. Which duties should be segregated within the information system? Why?Why are the control objectives the same regardless of whether manual or IT controls procedures are used? How can management’s cost–benefit judgments lead to internal control deficiencies?What procedures are auditors required to perform related to the financial statement closing process? Why are these procedures required? What can they find? If the auditor assessed the risk of material misstatement to be low, ...
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