Discuss the significant elements that a certified public accounting firm (CPAs) must apply within its internal control
Question:
Discuss the significant elements that a certified public accounting firm (CPAs) must apply within its internal control evaluation methodology. What risk does the CPA firm face if one or more of the identified elements is not evaluated within the review of the internal control system.
Ethics A company's management asserts that its internal control system is properly designed and operates effectively to reduce to an acceptably low level the risk that managers and employees embellish performance results or misuse company resources. company. What specific procedures would the auditor use to obtain audit evidence about the design and implementation of the client's internal control system? What key controls would the auditor expect to find if management's assertion were true? What are the inherent limitations of internal control?
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Dynamic Business Law
ISBN: 9781260733976
6th Edition
Authors: Nancy Kubasek, M. Neil Browne, Daniel Herron, Lucien Dhooge, Linda Barkacs