What findings are auditors required to communicate to management? to the audit committee or board of directors?
Answer to relevant QuestionsHow does control risk relate to the risk of material misstatement? What is the impact on audit work of a “clean” audit as compared with a “dirty” audit? What audit planning activities are performed to lead up to the control risk evaluation?Why is there a cost-benefit trade-off involved in evaluating internal controls for planning the audit? What is a control strength? What is a control weakness? How do control strengths relate to control testing?
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