1. Select which of the following are correct with respect to an audit of a...
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Accounting
Select which of the following are correct with respect to an audit of a clients internal controls: a A robust system of internal control is generally ineffective in detecting and correcting financial statement misstatements. b Auditing internal control is important because it may help the auditor determine where misstatements may be in the financial statements. c An effective system of internal control can be very effective in helping to prevent misstatements in the financial statements. d If the auditor can determine that the clients system of internal control is effective, there is a reduced need to perform substantive testing, which reduces the cost of the audit.
Select which of the following are correct with respect to an audit of a clients internal controls:
a A robust system of internal control is generally ineffective in detecting and correcting financial statement misstatements.
b Auditing internal control is important because it may help the auditor determine where misstatements may be in the financial statements.
c An effective system of internal control can be very effective in helping to prevent misstatements in the financial statements.
d If the auditor can determine that the clients system of internal control is effective, there is a reduced need to perform substantive testing, which reduces the cost of the audit.
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