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?
Answer to relevant QuestionsWhat does it mean if an overall audit plan is said to be cost effective? How do auditors develop a cost-effective overall audit plan? Give two reasons why controls would be tested. Why is there a cost-benefit trade-off involved in evaluating internal controls for planning the audit? What steps are involved in a control risk assessment? Categorize the eleven points of vulnerability to misstatement errors related to manual input, computer processing, and error correction activities in a computerized information system.
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