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Author Question: When a compensating control exists, the absence of a key control (Read 80 times)

knightj

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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.


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Marked as best answer by knightj on Aug 21, 2022

hiyayyay

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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


olderstudent

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Reply 3 on: Yesterday
Excellent

 

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