Discuss the importance of understanding internal control in developing an effective audit program. In that context, include in your discussion a general overall position and specifically the internal control questionnaires for either the Revenue and collection Cycle or Production (Inventory) Cycle, which also includes internal control over Inventory Transaction Processing. Matters such as seperation of duties should be part of your response.

Include in your answer several (3 would be enough) important considerations to satisfy sound internal control for each of the five assertions: OCCURRENCE, COMPLETENESS, ACCURACY, CUTOFF AND CLASSIFICATION.