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Enumerate, in chronological order, the steps followed in the study and evaluation of internal controls....

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Question

Accounting

  1. Enumerate, in chronological order, the steps followed in the study and evaluation of internal controls. Explain each step briefly.
  2. What are the different ways by which an understanding of controls is documented?
  3. When is the control risk assessment High? Less than high?
  4. How does a high control risk assessment affect the planned audit approach?

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