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''sr.i Questionsn Exercises and Cases
QUESTIONS
7.2 lntroduction
7-1- What are the first two steps in the planning procedures?
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lnternal Control Defined
7-2 Define internal control. Discuss the fundamental concepts in the definitionl process,
people, reasonable assurance, and objectives.
7-3 Describe the four objectives of internal control.
7-4 Do corporations believe fraud to be a problem accorcling to KPMG fraud survey reports?
Explain.
7-5 Why is the auditor interested primarily in controls that relate to reliability of financia
reporting, accounting and internal control systems?
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