List the responsibilities of management regarding their organization’s internal control.
Answer to relevant QuestionsWhy does management have to trade off between costs and benefits of internal controls? Why does the auditor evaluate the auditee’s internal controls? Which duties should be segregated within the information system? Why?How does the degree of control reliance relate to the auditor’s control risk assessment? Why does an inventory of Rolex watches have a high inherent risk, and why does the auditor expect management to have strong controls over this inventory?
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