The Auditor Must Understand Internal Control Before Assessing Inherent Risk

question 28

True/False

The auditor must understand internal control before assessing inherent risk.

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Definitions:

Successes

are achieved outcomes or accomplishments that meet desired goals or criteria.

Future Outcomes

Considerations or expectations about events or results that will happen in the future, often influencing decision-making and behavior.

Rules

Guiding principles designed to influence behavior or decision-making processes within a particular context.

Attributes

Qualities, characteristics, or properties that are considered inherent to or characteristic of someone or something.