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When considering internal controls,

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When considering internal controls,

When considering internal controls,

▸ auditors can ignore controls affecting internal management information.

▸ auditors are concerned with the client's internal controls over the safeguarding of assets if they affect the financial statements.

▸ management is responsible for understanding and testing internal control over financial reporting.

▸ companies must use the COSO framework to establish internal controls.

Textbook

Auditing and Assurance Services

Edition: 17^th

Authors: Arens, Elder, Beasley, Hogan

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