1. Auditing standards require the auditor to obtain an understanding of each of the five components of internal control in order to plan the audit. Describe the five components of internal control that comprise the COSO model in sufficient detail to demonstrate an understanding of each component.
2. The auditor is required to evaluate the severity of each control deficiency identified during the audit. Define what constitutes a control deficiency and describe the different levels of severity and how the terms likelihood and magnitude play a role in evaluating the significance of a control deficiency.