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When Considering a Client's Internal Control,the Auditors Focus on Its

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Essay

When considering a client's internal control,the auditors focus on its various characteristics.For each of the following characteristics indicate the auditors' responsibility under generally accepted auditing standards and the procedures used to meet that responsibility.
a.The design of internal control.
b.Controls have been implemented (placed in operation).
c.The operating effectiveness of controls.


Definitions:

Eurocurrency

Currency deposited by national governments or corporations in banks outside their home market, typically in a currency not native to the deposit location.

Financial Centre

A global city known for hosting a cluster of national or international financial institutions, markets, and service providers.

Money

A medium of exchange that enables the transfer of goods and services among parties.

Forward Rate

The interest rate agreed today for a loan to be made in the future.

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