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1. What is meant by setting a preliminary judgment about materiality? What are the most important factors affecting preliminary judgment on materiality?

2. What is the auditor's responsibility for obtaining an understanding of internal control? Does this differ for the audits of public vs nonpublic companies?

3. Management has to identify the framework used to evaluate the effectiveness of internal control over financial reporting. What framework is used by most U.S. public companies?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9403571

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