132chapter7homework - (TRUE FALES 5 What is a technique an...

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YOUR NAME YOUR PERM# ECON 132 Class time CHAPTER 7 HOMEWORK 1. List the five components of internal control. 2. List at least three factors which may indicate increased financial reporting risk. 3. An auditor is REQUIRED to obtain a sufficient understanding of internal control to plan the engagement, under GAAS. (TRUE / FALSE) 4. An auditor may reduce the amount of substantive audit procedures by reliance on internal controls.
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Unformatted text preview: (TRUE / FALES) 5. What is a technique an auditor may apply to detect management override of the designated internal controls? 6. Audits of public companies (SEC Registrants) require the auditor to issue a report on the internal controls of the company. (TRUE / FALSE) 7. The form and extent of internal controls procedures and documentation in an audit is explicit in GAAS (TRUE / FALSE)...
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This note was uploaded on 08/06/2008 for the course ECON 132A taught by Professor Anderson during the Spring '08 term at UCSB.

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