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Author Question: When considering internal controls, (Read 113 times)

mustachegiraffe

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on: Aug 21, 2022

Question 1

Two key concepts that underlie management's design and implementation of internal control are
◦ costs and materiality.
◦ absolute assurance and costs.
◦ inherent limitations and reasonable assurance.
◦ collusion and materiality.

Question 2

When considering internal controls,
◦ auditors can ignore controls affecting internal management information.
◦ auditors are concerned with the client's internal controls over the safeguarding of assets if they affect the financial statements.
◦ management is responsible for understanding and testing internal control over financial reporting.
◦ companies must use the COSO framework to establish internal controls.
Auditing and Assurance Services ¦ Arens, Elder, Beasley, Hogan ¦ 17th Edition
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Marked as best answer by mustachegiraffe on Aug 21, 2022

furthoh

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Reply #1 on: Aug 21, 2022
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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mustachegiraffe

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Reply 2 on: Aug 21, 2022
YES! Correct, THANKS for helping me on my review

kishoreddi

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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