Question: Henry Bailey CPA is planning the audit of The Neighborhood

Henry Bailey, CPA, is planning the audit of The Neighborhood Store, a local grocery cooperative. Because The Neighborhood Store is a small business operated entirely by part-time volunteer personnel, internal control is weak. Bailey has decided that he will assess control risk at the highest level for all assertions and not restrict audit procedures in any area. Under these circumstances, may Bailey omit the consideration of internal control in this engagement? Explain.

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  • CreatedOctober 25, 2014
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