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21 Cards in this Set
- Front
- Back
- 3rd side (hint)
Internal Controls |
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Control Activity |
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Control Categories |
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Control Objectives |
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Information System Controls |
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Control Frameworks |
Should ALL be tested |
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Key Internal Controls |
ie a bank rec |
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COSO Framework |
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Credit Sales System |
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What can go wrong? |
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Purchasing System |
Identify Phases in system (PO, reciving, invoice processing, payment processing, returns.) Identify: Objectives, Risks, Control activities |
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Inventory System |
identify where the risks are |
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Financial Reporting Process |
what are the cut off dates? journal entries reconciliations |
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Payroll Cycle Example |
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What could go wrong in payroll that would impact the FS? |
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Assessing controls |
Does the control work as desired? (design, implementation) Does it mitigate the key risk? Manual or automatic? Who operates the control, how often? |
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Evaluation of control implementation walk through |
Walk though a sample of 1. |
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Communicating control deficiencies |
CAS 265 auditor to communicate with management management letter identification implication remediation |
management letter identification implication remediation |
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Testing operation of controls |
Sample sizing Inquire plus: inspect observe re-perform ***is optional, "further audit testing*** |
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IT Controls |
Consider RoMM from client use of IT Development of key application controls |
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Documentation of General Controls |
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If it is not documented it did not happen. |
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CAAT |
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CAAT - Types |
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