Question
Write a brief description of your understanding of ONE of the following related to AS2201 that applies to audit firms (external auditors) that audit company's
Write a brief description of your understanding of ONE of the following related to AS2201 that applies to audit firms (external auditors) that audit company's internal controls over financial reporting that is integrated with the financial statement audit.
1. Testing entity level controls
2. Identifying significant accounts and disclosures, and their relevant assertions
3. Testing controls for design effectiveness and operating effectiveness
Finally, discuss the implications for the audit firm if they do not adequately assess management's internal control assessment process.
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