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What will be the appropriate response to the client

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The COSO framework consists of five elements of control: the control environment, risk assessment, control activities, information and communication, and monitoring.

  • The owner of Austin Powers has approached the managing partner of a CPA firm about conducting a first-time independent audit. While discussing the nature and scope of the audit, the owner of Austin Powers asks if it is really necessary for the auditor to gain an understanding of Austin Powers' system of internal control.

Problem 1: What will be the appropriate response to this client?

Reference no: EM132826484

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