What is the purpose of a control framework?
Answer to relevant QuestionsIdentify two control frameworks that can help in the auditor’s preliminary control risk assessment.Explain the business risk–based approach to the audit. What is its purpose?What are the auditor’s communication responsibilities when he or she suspects or finds evidence of fraud? How do his or her responsibilities differ if the fraud involves low-level employees or high-level managers? How does business analysis relate to the auditor’s goal of assessing the risk that the financial statements might be materially misstated?Compare and contrast company-level controls to internal controls relevant to the audit?
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