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Derek and Sue, audit managers assigned to the audit of Peabody Enterprises LLC, a national distributor of skincare and other beauty products, are discussing the client's system of internal control with a new audit staff associate, Janiya. Janiya has spent considerable time during this audit working on the testing of internal controls. Janiya inquires as to why auditors appear to spend so much time auditing internal controls, when it would appear to make more sense to just test financial statement accounts. Select all of the answer choices which represent correct responses to this question, (Select all that apply) If the auditor can determine that the client's system of internal control is effective, there is no need to perform substantive. testing which reduces the cost of the audit. An effective system of internal control can be very effective in helping to prevent misstatements in the financial statements. Auditing internal control is important because it may help the auditor determine where misstatements may be in the. financial statements. A robust system of internal control is generally ineffective in detecting and correcting financial statement misstatements. During the audit of South Enterprises, one of the audit staff associates working on the engagement. Mike, is discussing how the client's internal controls are actually tested by the auditors with his supervisor, Sarah. Mike asks Sarah to provide some examples of procedures the auditors might conduct in order to gather evidence on the effectiveness of internal control. Which of the following examples represent procedures an auditor might conduct in order to test internal controls? (Select all that apply). An audit manager observes the accounts receivable function performing their daily tasks and documents this accordingly. The client provides documentation to the external auditors of accounts payable transactions and associated credit terms. The internal auditors agree to complete the audit of all stockholder's equity accounts, and provide details of the audit to the external auditors. An audit staff associate is assigned the task of counting the client's inventory, which is matched to the client's inventory records. Keona and Mike, two audit managers assigned to the audit of Valley Enterprises are discussing which internal controls should be selected for testing based on their experience with this particular client. Which of the following choices would represent considerations for Keona and Mike with respect to internal controls? (Select all that apply). As levels of control risk and audit risk vary depending on the controls, when is the best time for the auditor to test selected controls? To what extent should the auditors rely on the substantive testing of internal controls performed by the client's internal. audit function. As it is not feasible to select all internal controls, which controls should the auditors select to be tested? How many items should be tested in conjunction with the audit of a particular internal control