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Internal Control Learning Objectives After reading this chapter student should be able to – ♦ ♦ ♦ ♦ ♦ ♦ ♦ ♦ ♦ ♦ ♦ ♦ ♦ Understand the concept of Internal Control in detail alongwith its objectives & control environment. Explain about understanding the entity & its environment, including entity’s Internal Control. Understand the factor relevant to the auditor’s judgement about whether a control is relevant to the audit. Explain inherent limitations of Internal Control. Understand aims of Internal Con