Final answer:
The step involved in performing an audit of Internal Controls (IC) is to test the design and operating effectiveness of selected controls. Conducting a market analysis is not directly related to performing an audit of internal controls. Evaluating identified control deficiencies is another step in the audit process.
Step-by-step explanation:
The step involved in performing an audit of Internal Controls (IC) is to test the design and operating effectiveness of selected controls. This step ensures that the control procedures put in place are properly designed and are functioning effectively to mitigate risks.
The step involved in performing an audit of Internal Controls (IC) is to test the design and operating effectiveness of selected controls. Conducting a market analysis is not directly related to performing an audit of internal controls. Evaluating identified control deficiencies is another step in the audit process.
Conducting a market analysis is not directly related to performing an audit of internal controls.
Evaluating identified control deficiencies is another step in the audit process. Once the controls are tested, any deficiencies or weaknesses in the controls are identified and evaluated for remediation.