1. How will the conduct of an audit of a medium-sized company be affected by the company's being a small part of a large conglomerate as compared with being a separate entity?

2. What is acceptable audit risk? What is it effect on evidence accumulation?

3. What are the five components of internal control in the COSO internal control framework?

4. The separation of operational responsibility from record keeping is meant to prevent different types of misstatements than the separation of custody of assets from accounting. What is the difference in the purpose of these two separations of duties?