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Question

Question
PwC has been appointed as the auditor of Google Inc. In obtaining an understanding of Google's internal control relevant to audit planning, PwC is required to obtain knowledge about the Effectiveness of controls that have been implemented. Consistency with which controls are currently being applied. Design of the controls pertaining to internal control components. Controls related to each principal transaction class and account balance.

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Andrew

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Solution By Steps

Step 1: Effectiveness of Controls

PwC needs to assess how well the controls are achieving their intended purpose.

Step 2: Consistency of Control Application

PwC must determine if controls are consistently applied as intended across the organization.

Step 3: Design of Controls

PwC should understand the structure and design of the controls in place.

Step 4: Controls for Transaction Classes and Balances

PwC needs to identify controls specific to different transaction types and account balances.

Final Answer

PwC is required to obtain knowledge about the effectiveness of controls, consistency in control application, design of controls, and controls related to each principal transaction class and account balance.

Key Concept

Internal Control Assessment

Key Concept Explanation

Internal control assessment involves evaluating the effectiveness, consistency, design, and specific controls related to transaction classes and account balances to ensure the reliability of financial reporting and compliance with regulations.

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