LO5-01: Define and describe what is meant by internal control.

LO5-02: Distinguish between the responsibilities of management and auditors regarding an entity's internal control.

LO5-03: Define and describe the five basic components of internal control and specify some of their characteristics.

LO5-04: Explain the process the audit team uses to assess control risk; understand its impact on the risk of material misstatement; and, ultimately, know how it affects the nature, timing, and extent of further audit procedures to be performed on the audit.

LO5-05: Explain the communication of internal control deficiencies to those charged with governance, such as the audit committee and other key management personnel.