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[The following paragraph is effective for audits of fiscal years beginning on or after December 15, 2010. It may encompass controls placed in operation by the entity and by service organizations whose services are part of the entity’s information system.
Paragraphs 28 through 32 and B1 through B6 of Auditing Standard No.
In July 2008, the inflation rate reached a stunning 231 million percent!
A single loaf of bread cost roughly 300 billion Zimbabwean dollars.
The highest banknote denomination in 1988 was 50,000 Dinara, but this had changed to 500,000,000,000 Dinara by 1994!The inherent risk for an assertion about a derivative or security is its susceptibility to a material misstatement, assuming there are no related controls. For audits of fiscal years beginning before December 15, 2010, click here] The extent of the understanding of internal control over derivatives and securities obtained by the auditor depends on how much information the auditor needs to identify the types of potential misstatements, consider factors that affect the risk of material misstatement, design tests of controls when applicable, and design substantive tests.