Exam 7: Auditing Information Technology Bases Processes

Auditing standards address the importance of understanding both the automated and manual procedures that make up an organization's internal controls and consider how misstatements may occur, including all of the following, except:

During this phase of the audit, the auditor must gain a thorough understanding of the client's business and financial reporting systems.When completing this phase, the auditors review and assess the risks and controls related to the business.