Question: How can management s cost benefit judgments lead to internal control deficiencies
How can management’s cost–benefit judgments lead to internal control deficiencies?
Answer to relevant QuestionsDefine control risk and list seven general categories of misstatements that controls are intended to prevent, detect, and correct.If internal controls are weak, in what situations could an audit still be done, and in what situations would it not be possible to do an audit?In what situation(s) would controls not be tested?What does the auditor need to understand about the auditee’s control environment? What are the implications for the audit program if tests of key controls indicate they are operating effectively for the whole period being audited? What are the implications if a key control is tested and a high degree of ...
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