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Chapter 3.docx - ACC 730 Advanced Auditing Chapter 3 –...

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ACC 730Advanced AuditingChapter 3 – Internal ControlsWhat are internal controls:internal controls are defined as “aprocess, effected by an entity’sleadership and other individuals, designed to providereasonable assurance regarding theachievement of objectives relating tooperations (safeguard assets, profitability, efficiencies,etc.),reporting (timely, accurate, complete, reporting) andcompliance (complying with allapplicable laws, regulations, rules, etc.).What are the elements of an internal control system:
2.Risk Assessment:This is where the organization needs to identify all of the things thatcan go wrong with respect to their objectives (operations, reporting and compliance).For instance, they may identify the following risks (they would likely identify many morerisks than I have listed, I am just providing an example):

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Term
Spring
Professor
niff
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