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The first-year auditor on the engagement has suggested that since no exceptions were detected in...

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Accounting

The first-year auditor on the engagement has suggested that since no exceptions were detected in previous years, no work on internal controls is required because last years evidence will be sufficient.

Explain the concept of benchmarking. Why is it appropriate for an auditor to use a benchmarking audit strategy that uses information from tests of controls performed in prior years?

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