About understanding internal control

Assignment Help Other Subject

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

Questions Cloud

Define seniority as a factor to determine shift preference : List and discuss some of the advantages and disadvantages in using seniority as a factor to determine shift preference or overtime assignments.

Health professional''s duties or working environment : Select an article that relates to th elegas aspects of the occupational safety and health professional's duties or working environment.

What is the probability of no errors : Find a value of p such that when 10,000 bits are received, the expected number of errors is at most 10 and Compute E(U(X)) and note for which values of k this converges. What property does U have for these values of k.

Why does the fossil record have gaps and fragments : Why does the fossil record have gaps and fragments?

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

Determining the actual base sequence of a gene is called : Determining the actual base sequence of a gene is called

What happens when a mother cell divides two daughter cells : What happens when a mother cell divides into two daughter cells?

What is heritability : What is heritability?

Calculate the sample size : Determine the sample size needed to detect an increase of 5 points. Let alpha = 0.02 and beta = 0.05. Calculate the sample size

User Account

All Pages