A)Describe the Four Broad Objectives of Management When Designing an Effective

question 17

Essay

A)Describe the four broad objectives of management when designing an effective system of internal control.B)Describe the aspect of internal control that auditors are primarily concerned with for a financial statement audit.

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Definitions:

Ethical Reasoning

The process of evaluating what is right or wrong in a moral sense and making decisions based on ethical principles.

Relevant Stakeholders

Individuals or groups who may be affected by or have an interest in a particular decision or action within a business or project.

Legal

Legal pertains to matters related to laws, the system of rules that are created and enforced through social or governmental institutions to regulate behavior.

Unethical

Behaviors or actions that are morally wrong, not conforming to accepted standards of conduct.