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ABC, XYZ, who has been engaged to audit the financial statements of P LLC., G LLC., is about to start obtaining an understanding of the

  1. ABC, XYZ, who has been engaged to audit the financial statements of P LLC., G LLC., is about to start obtaining an understanding of the internal control structure and is aware of the inherent limitations that should be considered.

Required: When considering the potential effectiveness of any internal control structure, what are the inherent limitations that should be recognized?

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