Question: Internal control is defined as a process, effected by an entity's board of directors, management and other personnel, designed to provide reasonable assurance regarding the

Internal control is defined as a process, effected by an entity's

Internal control is defined as a process, effected by an entity's board of directors, management and other personnel, designed to provide reasonable assurance regarding the achievement of certain objectives. Required: (a) Identify the THREE (3) objectives of an internal control system mentioned above. (6 marks) (b) Explain management's and auditor's respective responsibilities regarding internal control. (10 arks) (c) Analyze the impact of high control risk assessed by the auditor towards the nature, timing and extent of substantive procedures. (9 marks) (Total 25 marks)

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