AutoSave . Off H final exam study guide O Search Christopher Ritch CR X File Home Insert Design Layout References Mailings Review View Help Share Comments & Cut Calibri (Body) 11 ~ A" A Aa Ap Find AaBbCcDd AaBbCcDd AaBbCc AaBbCct Ad B AaBbCCD AaBbCcDd Paste [ Copy Gc Replace BIUvab X x A LA 1 Normal 1 No Spac... Heading 1 Heading 2 Title Subtitle Subtle Em. Dictate Sensitivity Editor Format Painter Select Clipboard Font Paragraph Styles Editing Voice Sensitivity Editor LO 5-1 Define and describe what is meant by internal control. LO 5-2 Distinguish between the responsibilities of management and auditors regarding an entity's internal control. LO 5-3 Define and describe the five basic components of internal control and specify some of their characteristics. LO 5-4 Explain the process the audit team uses to assess control risk; understand its impact on the risk of material misstatement; and, ultimately, know how it affects the nature, timing, and extent of further audit procedures to be performed on the audit. LO 5-5 Describe additional responsibilities for management and auditors of public companies required by Sarbanes-Oxley and PCAOB Auditing Standard No. 2201. LO 5-6 Explain the communication of internal control deficiencies to those charged with governance, such as the audit committee and other key management personnel. LO 5-7 List the major components of the auditors' report on internal control over financial reporting. LO 5-8 Describe situations in which the auditors' report on internal control over financial reporting Page 5 of 8 2269 words X English (United States) Focus + 170% N R R P ENG 6:00 PM Search for anything 8 INTL 11/21/2020 727