Every audit firm has its approach for understanding a clients internal control structure. Some firms use a standardized internal control questionnaire to evaluate controls that are in place whereas other firms do not rely on internal controls at all and plan their audits as if there are no controls in place or consider controls as not effective. Evaluate each of these approaches to assess a clients internal controls from an external auditors perception. Include in your evaluation: What effect, if any, does the size of the organization have on the decision? What are the auditing standard requirements for obtaining an understanding of internal controls? What are the differences, if any, in understanding internal controls for a public company versus a non-public company? Prepare a report evaluating each approach. Also include your opinion on which approach is better and why. Your report should meet the following criteria: Be 3-4 pages in length, not including the title and references pages. Demonstrate your comprehension of the course material. Use professional business language.