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Assessment of control risk and testing of internal controls are the most important parts of the audit

"The overall objective of a financial statement audit is the expression of an opinion on whether the entity's financial statements give a true and fair view" - Cosserat (2000).

 

 

On a final point though, I would conclude by saying that the planning of an audit which includes an assessment of control risk, testing internal controls and an overall assessment of the audit risk are extremely important as this sets the tone for that particular assignment.

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