Review the external auditor's report on the integrated audit, presented in Exhibit. What are the important elements in that report related to internal control?
Answer to relevant QuestionsWhen testing internal controls, does the auditor test the same transactions that management and the internal auditors tested, or does the auditor test different transactions? Explain your rationale.Identify the PCAOB AS that relates to audit documentation. Review that AS and describe the characteristics of good audit documentation that are noted in that standard.What controls might an auditor test related to the valuation assertion for the sales account?Auditing standards require the auditor to gather sufficient appropriate evidence to ensure that the auditor has a reasonable basis for an opinion regarding the financial statements. What are the characteristics of (a) ...What are the basic assumptions that must hold for an auditor to justifiably use analytical procedures as a substantive audit procedure?
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