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ken80 ken80
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How do auditors determine the extent of testing of internal controls in the acquisition and payment cycle?
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Auditing and Assurance Services


Edition: 17th
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studytimestudytime
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When auditors intend to rely on controls to support a preliminary control risk assessment below maximum, the auditor performs tests of controls to obtain evidence that controls are operating effectively. As the operating effectiveness of controls improves and is supported by additional tests of controls, the auditor is able to reduce substantive tests. If the company is an accelerated filer public company, then the auditor must document and test controls sufficiently to issue an opinion on internal control over financial reporting.

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