Question: How does the degree of control reliance relate to the
How does the degree of control reliance relate to the auditor’s control risk assessment?
Answer to relevant QuestionsWhat two parts are important in writing out a control test for an audit program?How does control risk relate to the risk of material misstatement? 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?List the control objectives and the misstatement risk that each one relates to. What sources of information can auditors use to gain knowledge about the auditee’s internal controls?
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