Internal Control – We revisit the concepts When thinking about internal control, and its relationship to risk assessment and the ISA 315 standard, we consider it equal to a first-year university auditing subject, and not really an area of concern when it comes to compliance and regulation, since most small-to-medium sized firms insist on following a substantive approach in auditing and do not give internal control as a risk assessment tool the required attention. Important definitions and concepts The definitions of the concepts and [...]