(Objectives 10-2, 10-4, 10-8) What is the auditor’s responsibility for obtaining an understanding of internal control? How does that responsibility differ for audits of public and nonpublic companies?
Objective 10-2
Contrast management’s responsibilities for maintaining internal control with the auditor’s responsibilities for evaluating and reporting on internal control.
Objective 10-4
Obtain and document an understanding of internal control.
Objective 10-8
Describe the differences in evaluating, reporting, and testing internal control for nonpublic companies.
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