BU477 Lecture Notes - Lecture 12: Internal Control, Financial Statement, Audit Risk

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9 Feb 2017
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Policies and procedures to maintain entity to provide reasonable assurance. Want to meet these goals: strategic high level goals that support the mission of entity, reliability of financial reporting, efficiency and effectiveness of operations. How well do we meet our day to day operation"s: compliance with laws and regulations. Want to make sure we don"t breach any rules governing us. How well are the accounting systems designed to meet the reliability of financial reporting. Goal is to make sure as auditors they have met the goal of reliable financial reporting. It is the management role to make sure that internal controls are good and effective. Public companies there are stocks requirements they are required to report on effectiveness on financial reporting. As auditors, we provide reasonable assurance not absolute that f/s are free of material misstatements. Easier to find fraud when it"s just one person. Inherent limitations in internal controls: human error, collusion, cost vs.

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