Question 1
Describe each of the three broad objectives management typically has for internal control. With which of these objectives is the auditor primarily concerned?
Question 2
Internal controls are
not designed to provide reasonable assurance that
◦ all frauds will be detected.
◦ transactions are executed in accordance with management's authorization.
◦ the company's resources are used efficiently and effectively.
◦ company personnel comply with applicable rules and regulations.