Page 173 - COSO Guidance
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Industry controllers and GAAS
Industry controllers (along with the CFO, CEO, and others in the financial management of the entity) have
long been recognized as being responsible for developing and maintaining a system of internal control
over financial reporting that prevent the financial statements from misleading owners, creditors,
investors, and other parties.
Controllers and others in industry may find the GAAS risk assessment guidance given to auditors useful
when assessing the entity’s risks and identifying mitigating internal controls.
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