Analyzing patterns of internal control problems even absent a restatement of the financials.
<h3>What is
internal control?</h3>
Accounting and auditing define internal control as a process for ensuring an organization's objectives in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws, regulations, and policies.
Internal controls are classified into three types: preventative, detective, and corrective. Internal controls are typically defined as a set of policies and procedures or technical safeguards put in place to prevent problems and protect a business organization's assets.
Internal controls are processes that are designed to help an organization safeguard itself and minimize risk to its objectives. Internal controls reduce risks and safeguard assets, ensure record accuracy, boost operational efficiency, and encourage adherence to policies, rules, regulations, and laws.
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