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Define internal control

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Reference no: EM133085987

Question - ISA/MASA 315 states that the objective of the auditor is to identify and assess the risks of material misstatement, whether due to fraud or error, at the financial statement and assertion levels, through understanding the entity and its environment, including the entity's internal control, thereby providing a basis for designing and implementing responses to the assessed risks of material misstatement.

Required -

(a) Define internal control. Identify clearly the company's objectives that it may help to achieve.

(b) Explain why a properly designed internal control system may not eliminate the risk of material misstatement completely.

(c) Explain how the audit of a company's financial statements may be affected by its system of internal control in terms of audit risk and extent of audit procedures.

Reference no: EM133085987

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