Describe the differences in evaluating, reporting, and testing internal control for nonpublic and smaller public companies.

TASK

1. Obtain and document an understanding of internal control.
2. Assess control risk by linking key controls and control deficiencies to transaction-related audit objectives.
3. Describe the process of designing and performing tests of controls.
4. Explain how control risk impacts detection risk and the design of substantive tests.
5. Explain requirements for auditor reporting on internal control.
6. Describe the differences in evaluating, reporting, and testing internal control
   for nonpublic and smaller public companies.
7. Describe how the complexity of the IT environment impacts control risk assessment and testing