Put the following planning steps of the audit of internal control over financial

Question

Put the following planning steps of the audit of internal control over financial reporting in the correct order. Use a top- down approach to identify Test and evaluate operating Form an opinion on the effectiveness of Test and evaluate design Issue auditors' Management's Plan the engagement internal contro attestation report report on internal control controls to teseffectiveness over financial effectiveness reporting Form an opinion on the effectiveness ot Issue auditors nternal control attestation report over financial reporting 4 Reset

Explanation / Answer

Correct order for planning steps of audit of internal control is as follows:

1. Plan the engagement.

2. Management's report on internal control

3. Use top down approach to identify controls to test

4.Test and evaluate design effectiveness

5. Test and evaluate operating effectiveness

6. Form an opinion on the effectiveness or internal control over financial reporting

7.Issue auditors attestion report

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