Question: Why does management have to trade off between costs and
Why does management have to trade off between costs and benefits of internal controls?
Answer to relevant QuestionsHow does management’s cost–benefit trade-off decision affect control risk? Explain how using dual-purpose tests can lower audit costs. What is an audit internal control questionnaire? What two parts are important in writing out a control test for an audit program?Describe the two extreme cases of control risk assessment that an auditor could encounter in practice.
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