This lesson provides an overview of the risks that can lead to deficiencies or issues in internal controls, as well as the proper establishment, operation, and maintenance of those controls. Additionally, the significant differences between significant deficiencies and material weaknesses are emphasized. The lesson also delves into auditor responsibilities during an audit in relation to internal controls, highlighting the role of management in design, implementation, and maintenance. Finally, the importance of IT controls and their potential role in enhancing audit effectiveness and efficiency are discussed.
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