About understanding internal control

Reference no: EM13216432

Which of the following statements about understanding internal control is not true:

a. The auditor uses the knowledge of the system of internal control to design further audit procedures to collect evidence.
b. In the presence of a strong system of internal control, the auditor may choose to collect less evidence about transactions or balances.
c. In the audit of a private company, it is necessary to express an opinion on the system of internal control over financial reporting.
d. A thorough understanding of the system of internal control assists the auditor in identifying potential types of misstatements.
e. A thorough understanding of the system of internal control assists the auditor in understanding the risk of material misstatements.

Reference no: EM13216432

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