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Identifying controls Learning objective To mitigate the risk of misstatement, companies should establish a strong control environment or tone at the top. Internal controls at

Identifying controls

Learning objective

To mitigate the risk of misstatement, companies should establish a strong control environment or tone at the top. Internal controls at the transaction level should be designed to prevent or detect the material misstatements that could occur within the flow of transactions. Auditors are required to obtain an understanding of these risks and controls.

Required

Use the working paper from assignment 5 (A5-1) to complete this assignment. In column four, include the transaction-level internal controls that Alpine Bags Ltd. has implemented to prevent and/or detect potential errors (based on the understanding of internal controls you gained in assignment 4).

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