- 5 Marks
AA – Mar 2023 – L2 – Q5a – Audit and Assurance Risk Environment
Identify and explain the components of an entity’s internal control system.
Question
ISA 315 (Revised): Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment requires auditors to understand the entity’s internal control. An entity’s internal control is made up of several components.
Required:
In reference to the statement above, state the FIVE (5) components of an entity’s internal control and give a brief explanation of each component.
Find Related Questions by Tags, levels, etc.
- Tags: Control Environment, Entity’s Risk Assessment, Internal Control, ISA 315
- Level: Level 2
- Topic: Audit and Assurance Risk Environment
- Series: MAR 2023
