ssessment: Internal Contro... Saved Help Required information An Audit of Internal Control Over Financial Reporting Read the overview below and complete the activities that follow The auditors' objective in an audit of internal control is to express an opinion on the company's intern control over its financial reporting. To meet this objective, an auditor must plan and perform the audit obtain reasonable assurance. A properly planned audit does this in five distinct stages. CONCEPT REVIEW A properly planned audit to report on internal control consists of the following five stages: 1) Plan the engagement; 2) Use a top-down approach to identify controls to test: 3) Test and evaluate design effectiveness of internal control; 4) Test and evaluate operating effectiveness of internal control; and 5 Form an opinion on the effectiveness of internal control. the financial Efficient planning of the evaluation of internal control requires statement audit Evidence as to the design of internal control and its operating effectiveness should be considered Management's evaluation process of internal control report on internal control-the first steo of the audit process 2. the date specified in the assessment approch to assess controls 4. Aditors should use 4. Aditors should use 8 committee is especially important as it exercises oversight responsibility over The the financial statements 6 of 15Next >