Internal controls are a vital concern for the auditor and the organization that is audited. Internal controls are not a “one size fits all” proposition. The Committee of Sponsoring Organizations (COSO) has worked to form a foundation of what are the purposes of internal controls and the basic elements of internal controls.
Discusses the five COSO components of internal controls. Include in your discussion what you consider the most important component and why. Explain how auditors evaluate these elements and how the evaluation will affect the audit procedures and the audit of the internal controls over financial reporting. Include answers to the following questions:
1. What is management’s responsibility related to internal control over financial reporting?
2. What is the external auditor’s responsibility over internal control over financial reporting?
3. Assessing deficiencies in internal control over financial reporting: Please define and explain the differences between a control deficiency, a significant internal control deficiencies, and a material weakness in internal control.
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