Answered: A system of internal control can be…

A system of internal control can be rendered ineffective by employee collusion. is premised on the concept of absolute assurance. O is infallible. invariably will have costs exceeding benefits.

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter3: Internal Control Over Financial Reporting: Responsibilities Of Management And The External Auditor

Section: Chapter Questions

Problem 36CYBK

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Question

A system of internal control
can be rendered ineffective by employee collusion.
is premised on the concept of absolute assurance.
is infallible.
invariably will have costs exceeding benefits.
O O O O

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