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Internal Control Limitations and Risks

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1.Assess internal control limitations and risks.

2.Recommend controls to prevent and detect financial misstatements.

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Solution Summary

Attached Word document shows an evaluation of control limitation and recommends ways of preventing financial misstatements.

See Also This Related BrainMass Solution

COSO and internal controls

These all need to be based on the United States

1)What is COSO? What were the two principal purposes of its efforts regarding internal control, and why did it undertake these efforts?

2)Identify and describe one of the inherent limitations of internal control.

3)Identify and describe one of the six components of internal control.

4)What is the control environment? Identify and describe one of the factors that comprise the control environment.

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