Q:

Describe the steps in obtaining an understanding of ICFR using a top-down, risk-based approach

belongs to book: AUDITING & ASSURANCE SERVICES | A Systematic Approach|William F.Messier, Steven M.Glover, Douglas F. Prawitt|10th Edition| Chapter number:7| Question number:7.8

Ibrahimhamm

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2022-06-29

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Ibrahimhamm

2022-06-29

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The auditor first identifies the entity-level controls. Next the auditor identifies the significant accounts and disclosures, and understands where the likely sources of misstatements occur. Based on this information, the auditor selects which controls to test.

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