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Author Question: When a compensating control exists, the absence of a key control (Read 87 times)

knightj

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  • Posts: 163
on: Aug 21, 2022

Question 1

To determine if significant internal control deficiencies are material weaknesses, they must be evaluated on their
◦
LikelihoodSignificance
YesYes

◦
LikelihoodSignificance
NoNo

◦
LikelihoodSignificance
YesNo

◦
LikelihoodSignificance
NoYes


Question 2

When a compensating control exists, the absence of a key control
◦ is no longer a concern because there is no longer a significant deficiency or material weakness.
◦ is still a major concern to the auditor.
◦ could cause a material loss, so it must be tested using substantive procedures.
◦ is magnified and must be removed from the sampling process and examined in its entirety.
Auditing and Assurance Services ¦ Arens, Elder, Beasley, Hogan ¦ 17th Edition
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Marked as best answer by knightj on Aug 21, 2022

hiyayyay

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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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knightj

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

scikid

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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