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Thank you for arranging this meeting today, I'd like to find out more about your company's values and governance.
No problem, we believe that achieving all our forecasted sales and profit figures to be a key measure of performance for all our business functions!!
As long as our employees are successfully achieving our sales and profit targets, we often turn a blind eye if they've breached any company policies...
Culture, structure and discipline of entity:-Lack of communication and enforcement of integrity and ethical values-No commitment to competence-Management purely focused on KPIs - Lack of adequate internal control systems...
This is looking really bad.. senior management only cares about achieving their financial objectives and goals no matter the cost...
Could you guys tell me more about how seriously your board of directors take integrity and ethical values?
Honestly, our managers and directors don't really care as long as we are hitting all our performance measures
Control Environment:-Tone at the top (extremely weak and poor)-Extreme emphasis on KPIs-Lacks enforcement of integrity and ethical values-Employees not closely monitored -Large risk of material misstatement of profits
Inherent risk HIGH; Control risk HIGH; Detection risk LOW; Predominantly substantive audit strategy required!!!

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