Refer to the Professional Judgment in Context feature at the outset of the chapter, which describes the
Question:
a. Why is internal control important to an organization?
b. How does internal control help an organization achieve reliable financial reporting?
c. Why does an external auditor need to know about a client's internal control?
d. What is internal control over financial reporting and what are its components?
e. What type of control is segregation of duties and what risks is that control intended to mitigate?
f. What controls could Chesapeake have implemented that may have prevented the embezzlement?
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Related Book For
Auditing a risk based approach to conducting a quality audit
ISBN: 978-1133939153
9th edition
Authors: Karla Johnstone, Audrey Gramling, Larry Rittenberg
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