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Why auditors consider a clients internal control

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Reference no: EM132516825

Question -

a. Describe three reasons why auditors consider a client's internal control when performing the audit

b. Even the best internal control has certain limitations. Identify and explain two of those limitations.

c. An audit client's population of accounts payable is $1,350,000. After testing a sample from this account, the auditor did not find any misstatements. As a result, the auditor concluded that the account payable is not materially misstated. Does this mean that Accounts payable does not contain any misstatement? Explain

d. Who cares about sampling? Why don't we just select a bunch of invoices to test from the pile and test those?

Reference no: EM132516825

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