Which of the following is the most important reason for an auditor to gain an understanding of an audit client’s system of internal control over financial reporting?
a. Understanding a client’s system of internal control can help the auditor assess risk and identify areas where financial statement misstatements might be more likely.
b. Understanding a client’s system of internal control can help the auditor make valuable recommendations to management at the end of the engagement.
c. Understanding a client’s system of internal control can help the auditor sell consulting services to the client.
d. Understanding a client’s system of internal control is not a required part of the audit process.
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