Identify two control frameworks that can help in the auditor’s preliminary control risk assessment.
Answer to relevant QuestionsHow do bad economic times increase the risks that auditors should be alert to in auditees’ financial statements?How does understanding the business’s strategy help the auditor to assess business risk? What are the activities in a financial performance analysis? When would the auditor design and carry out additional substantive audit procedures as a result of performance analysis?What are the five basic components of internal control? What aspects of the accounting system are relevant to financial reporting objectives?
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