L7 Notes_Part_1 - W.R. Knechel Internal Control is the...

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Implementation of the Audit Process © W.R. Knechel Client Acceptance and Retention Understand Client’s Industry Evaluate Internal Control Preliminary Analytical Procedures Knowledge Acquisition of Current Conditions Audit Completion and Reporting Audit Procedures Planning Customer Service Processes Supply Chain & Production Processes Resource Management Processes Tests of Financial Statement Assertions
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Internal Control Defined
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Unformatted text preview: W.R. Knechel Internal Control is the process designed and effected by an organizations management, Board of Directors and other personnel to provide reasonable assurance that the organizations objectives are reliabily met: Reliability of financial data and records Compliance with applicable laws and regulations Safeguard assets and records Effectiveness and efficiency of operations...
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L7 Notes_Part_1 - W.R. Knechel Internal Control is the...

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