Question: What does it mean that the auditor must consider not
What does it mean that the auditor must consider not only whether a material misstatement has already occurred from a control deficiency, but also whether a material misstatement could have occurred?
Answer to relevant QuestionsWhat makes a location or business unit important enough for the auditor to consider it in planning the ICFR audit tests?How can an auditor obtain evidence about the operating effectiveness of controls at an outside service provider?What types of transactions will the auditor look for when scanning the client’s files for unusual items?What does an auditor have to know about management’s estimation process? About the underlying assumptions management uses to make estimates?What must occur before revenue can be recognized?
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