2. Barker Group interview on Tuesday Find information to assess overall inherent risk Understand line items on financial statements Find information to assess overall control risk
27. Assess Control Risk Rely upon controls Substantive strategy Extent of testing depends on detection risk
28. Assess Control Risk Rely upon controls Substantive strategy Reliance strategy Identify control upon which you rely for an assertion Test Controls Conclude on achieved level of control
34. Communication of control deficiencies Control deficiency: does not prevent or detect and correct a misstatement Significant deficiency Important enough to merit attention Material weakness Reasonable possibility that a material misstatement will not be prevented or detected and corrected Significant deficiencies and material weaknesses are reported to management and board.
