International Auditing Standards - Essay Example

Summary

ISA 400, Risk Assessments and Internal Control, provides guidance in the understanding of the "accounting and internal control systems and on audit risk and its components: inherent risk, control risk and detection risk" (ISA 400, par. 4). The main purpose of this is not to assess the effectiveness of the internal control system but to understand those procedures and controls that may impact the "nature, timing and extent of substantive procedures" (ISA 400, par…
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