Which of the statements about understanding internal control

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Problem 1: 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: EM132789541

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