Question: Auditing standards define internal controls over financial statements as processes designed by management and others charged with governance to provide reasonable assurance that companys responsibilities

  1. Auditing standards define internal controls over financial statements as processes designed by management and others charged with governance to provide reasonable assurance that companys responsibilities in three areas are met. Which of the following is not an internal control concern?
    1. The reliability of financial reporting
    2. The effectiveness and efficiency of operations
    3. Compliance with laws and regulations
    4. Hiring procedures ensure that the company hires the most qualified employees

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