Explain why auditors need to rely on internal controls

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Reference no: EM133342188

One junior auditor is confused about a couple of questions in general. Please explain to him:

(1) Which assertion(s) help explain why auditors need to rely on internal controls at some minimal level?

(2) What is the difference between fair presentation and compliance reporting, in terms of principles-based reasoning?

(3) Is lawyer's inquiry letter an effective way to identify any missing litigation or claims that management does not disclose?

Reference no: EM133342188

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