When does the auditor perform control tests to test his or her assessment of control risk? Is it assessed for the audit as a whole or for each business process?
Answer to relevant QuestionsWhy would an auditor gather evidence using a combination of internal control testing and substantive testing? How does the auditor communicate internal control deficiencies to management and the audit committee in a financial statement audit? What are significant accounts and disclosures? How do management and the auditor identify them? What does it mean to say that it is possible to have perfect internal controls and materially incorrect financial statements? In July 2004, John Rigas, the founder and former CEO of Adelphia and his son Timothy Rigas, former chief financial officer of the company, were convicted of fraud and conspiracy for looting more than $100 million from the ...
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