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The purpose of Part III is to obtain an understanding of internal control and assess control risk for Pinnacle Manufacturing's acquisition and cash disbursement transactions.
Required
a. Familiarize yourself with the internal control system for acquisitions and cash disbursements by studying the information in Figure 10-12 andFigure 10-13.
b. Prepare a control risk matrix for acquisitions and a separate one for cash disbursements using Figure 10-5 on page 309 as a guide. A formatted control risk matrix is provided on the textbook Web site. The objectives should be specific transaction-related audit objectives for acquisitions for the first matrix and cash disbursements for the second matrix. 332333See pages 608-612 in Chapter 18 for transaction-related audit objectives for acquisitions and cash disbursements. In doing Part III, the following steps are recommended:
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