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Problem:
"If the auditor wishes to place reliance on internal control,he should ascertain and evaluate those controls and perform compliance tests on their operation"
(a) Describe an internal control system.
(b) You are required to identify and demonstrate your understanding of the main elements of a sound system of internal control.
As an auditor, how would you react to the following situation? The company produced photocopies of fixed deposit receipts as the original receipts were kept in the iron safe of the
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