Ramsey and Anna, two audit staff associates, are discussing the audit of Parkberry Enterprises with their supervisor, audit manager Lisa; specifically the area of internal control. isa is explaining the importance of this function to Ramsey and Anna, and why it is critical for the auditor to gain a clear and in-depth understanding of this area. Which of the Following responses by Lisa would best help Ramsey and Anna understand the necessity of the auditor gaining a clear understanding of internal control? t is very important for the auditor to gain a clear understanding of a client's system of internal control because the auditor is solely liable for any misstatements that a poor system of nternal control causes. This could prove very costly for the firm. The auditor should invest considerable time gaining an understanding of a client's system of internal control. Once such an understanding is obtained, the auditor should perform substantive procedures on the population of controls in order to provide an assessment of control risk. I the auditor is able to gain a thorough understanding of a client's system of internal control, it is more likely that less time and attention will need to be spent in this area. This can help reduce the cost of the audit and make the audit firm more competitive in its bidding and pricing. It is crucial for the auditor to gain a sound understanding of a client's system of internal control because such an understanding will help the auditors determine where financial statemen misstatements may be. It will also help the auditor effectively assess control risk