What are the two major reasons an auditor needs to assess internal controls over financial reporting (ICFR)?
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Question:
- What are the two major reasons an auditor needs to assess internal controls over financial reporting (ICFR)? If you identify three reasons, drop the fraud reason.
- ICFR implies that there are other categories of internal control besides over financial reporting. What are the other two?
- What is the name of the organization that sets internal control standards in the U.S.? Relate something interesting about the organization. Cite, reference, and attach your sources. Hint: the answer is not PCAOB.
- The years 1977 and 2002 were pivotal in the development of internal controls in the U.S. What happened in those years? (2002 was covered in an earlier assignment; for 1977 you will have to do some creative research and googling). Cite, reference, and attach your sources.
Related Book For
Auditing and Assurance Services A Systematic Approach
ISBN: 978-1259162343
9th edition
Authors: William Messier, Steven Glover, Douglas Prawitt
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