Two key concepts underlie management's design and implementation of internal controls are absolute assurance and inherent limitations.

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Control activities are a subcomponent of the information and communication component of internal control

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The chart of accounts is helpful in preventing classification errors if it accurately describes which type of transaction should be in cach account

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Auditing and Assurance Services

ISBN: 978-1260152166

7th edition

Authors: Timothy Louwers, Allen Blay, David Sinason, Jerry Strawser, Jay Thibodeau

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Posted Date: Nov 07, 2023 02:35 AM

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Two key concepts underlie management's design and implementation of internal controls are absolute assurance and inherent limitations.

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Auditing and Assurance Services

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