What are internal control deficiencies in design and in operation?
Answer to relevant QuestionsDescribe management’s report on internal controls over financial reporting. Where is it reported and how often? Can the auditor use the work of others in the internal control testing process? If so, explain the process. Go to the campus bookstore and buy something. Pay for your purchase and keep the receipt to bring to class.a. Consider the assets of value in the bookstore. Identify these assets and describe the risk of misstatement ...Prepare the journal entries to record the transactions in the revenue process. Identify the balance sheet and income statements accounts included in the process. The auditor performs substantive tests of transactions for sales revenue to determine that the sales revenue reported on the income statements is not materially misstated. For each procedure performed in the audit of the ...
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