Page 188 - COSO Guidance Book
P. 188
Summary
When assessing entity risks, controllers can benefit from the GAAS risk assessment guidance given to
auditors. GAAS requires that the auditor gain an understanding of the entity and its environment,
including its internal control, as part of the auditor’s risk assessment procedures during a financial
statement audit. The risk assessment procedures include inquiry, observation and inspection, and
performance of analytical review procedures.
The auditor cannot be considered part of an entity’s internal control.
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