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Study sets matching "auditing control"

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Study sets matching "auditing control"

28 terms
120D Auditing and Internal Control
AUDITING
TYPES OF AUDITS
INTERNAL AUDITS
FRAUD AUDITS
form of attestation performed by an expert in which evidence…
External (Financial) Audits... Internal Operational Audits... Compl…
Independent appraisal function established within an organiza…
Provide investigative services where anomalies are suspected…
AUDITING
form of attestation performed by an expert in which evidence…
TYPES OF AUDITS
External (Financial) Audits... Internal Operational Audits... Compl…
21 terms
Chapter 7: Auditing Internal Control
Management's Responsibility under SOX…
Management's Requirements under SOX 40…
Auditor's Responsibility under SOX 404
Control Deficiency
Issuing report regarding their ICFR and accepting responsibil…
- Accept responsibility for the effectiveness of the entity's…
Auditor must audit and report on the effectiveness of ICFR us…
Design or operation of a control does not allow management or…
Management's Responsibility under SOX…
Issuing report regarding their ICFR and accepting responsibil…
Management's Requirements under SOX 40…
- Accept responsibility for the effectiveness of the entity's…
36 terms
CPA AUDIT - INTERNAL CONTROL
Internal Control (Definition)
Objectives of Internal Control
Internal Control
Control Environment
A process designed to provide a reasonable assurance regardin…
A.S.A.P.... A ccurate, reliable financial statements (GAAP)... S…
C.R.I.M.E.... C ontrol activities (3rd)... R isk assessment (2nd)…
C.H.O.P.P.E.R.... C ommitment to competency... H uman Resource po…
Internal Control (Definition)
A process designed to provide a reasonable assurance regardin…
Objectives of Internal Control
A.S.A.P.... A ccurate, reliable financial statements (GAAP)... S…
13 terms
Loss Control and Premium Auditing
Loss Control
Loss Prevention
Loss Reduction
Goals of Insurer Loss Control Activities
a risk management technique to reduce the frequency or severi…
a loss control technique intended to lower the frequency of a…
a loss control technique intended to lower the severity of lo…
-Earn a profit... -Meet customer needs... -Comply with legal requir…
Loss Control
a risk management technique to reduce the frequency or severi…
Loss Prevention
a loss control technique intended to lower the frequency of a…
30 terms
Audit: Internal Control
internal control provides reasonable a…
definition of internal control
COSO framework
control environment
- records are maintained... - transactions are recorded... - unauth…
process, effected by an entity's BoD, mgmt, and other personn…
tool used for assessing effectiveness of IC
most important; integrity, ethical values, and competence of…
internal control provides reasonable a…
- records are maintained... - transactions are recorded... - unauth…
definition of internal control
process, effected by an entity's BoD, mgmt, and other personn…
25 terms
audit ch 6: understanding and auditing internal control
application controls
control activities
computer-assisted audit techniques (CA…
control deficiency
controls that apply to the processing of specific computer ap…
the policies and procedures that help ensure that management'…
computer programs that allow auditors to test computer files…
a deficiency in internal control exists when the design or op…
application controls
controls that apply to the processing of specific computer ap…
control activities
the policies and procedures that help ensure that management'…
45 terms
Audit: Internal Control & Control Risk
a process, affected by an entity's BOD…
3 broad objectives:
limitations of internal control:
management override vs management inte…
internal control... composed of policies and procedures designe…
1. reliability of financial reporting... 2. effectiveness/effici…
1. personnel errors: misunderstanding instructions, being car…
- override almost always bad... - intervention can be part of a…
a process, affected by an entity's BOD…
internal control... composed of policies and procedures designe…
3 broad objectives:
1. reliability of financial reporting... 2. effectiveness/effici…
20 terms
Risk Control and Premium Auditing
4 insurer risk control goals
risk control function primary purpose…
Risk managements "CART"
1. Earn or increase a profit
earn a profit... meet customer needs... comply with legal requireme…
Primary purpose: The evaluation of loss exposures to assist w…
CONTROL (prevention, reduction)... AVIOD... RETAIN... TRANSFER (insura…
Improving underwriting decisions- by inspecting the premises…
4 insurer risk control goals
earn a profit... meet customer needs... comply with legal requireme…
risk control function primary purpose…
Primary purpose: The evaluation of loss exposures to assist w…
22 terms
Internal Control (Chapter 7 Auditing)
What is internal control?
Identify the five components of an org…
List the factors that make up an organ…
How does separation of the record keep…
Internal control is a process, effected by the entity's BOD,…
The five components of internal control include... 1) the contro…
Factors that make up an organizations control environment are…
...It separates control over the asset to prevent fraud, thef…
What is internal control?
Internal control is a process, effected by the entity's BOD,…
Identify the five components of an org…
The five components of internal control include... 1) the contro…
39 terms
Risk control and premium auditing
Insurer goals
Calculate Pure premium
Loss Ratio
How to determine what and who to audit
earn a profit... fulfill duties to society... meet customer needs... c…
1. incurred losses + loss adjustment/earned exposure units... 2.…
(A-E)/E... If expected is percentage, it is out of earned premium
size... SIC code... experience... classifications... maximum payroll
Insurer goals
earn a profit... fulfill duties to society... meet customer needs... c…
Calculate Pure premium
1. incurred losses + loss adjustment/earned exposure units... 2.…
25 terms
CPA AUDIT - INTERNAL CONTROL
Internal Control (Definition)
Objectives of Internal Control
Internal Control
Control Environment
A process designed to provide a reasonable assurance regardin…
A.S.A.P.... A ccurate, reliable financial statements (GAAP)... S…
C.R.I.M.E.... C ontrol activities (3rd)... R isk assessment (2nd)…
C.H.O.P.P.E.R.... C ommitment to competency... H uman Resource po…
Internal Control (Definition)
A process designed to provide a reasonable assurance regardin…
Objectives of Internal Control
A.S.A.P.... A ccurate, reliable financial statements (GAAP)... S…
21 terms
Audit Chapter 6 Understanding and Auditing Internal Control
Components of Internal Control
Control Environment
Risk assessment process
control activities
- control environment ... - entity risk assessment ... - control ac…
set of standards, processes, and structures that provide the…
process for identifying and analyzing risk to achieving objec…
actions established by policies and procedures to help ensure…
Components of Internal Control
- control environment ... - entity risk assessment ... - control ac…
Control Environment
set of standards, processes, and structures that provide the…
19 terms
Audit-Internal Control and Control Risk
internal control
personnel errors, management override,…
establish and maintain system of IC
acknowledge in SEC filings their respo…
Composed of policies and procedures designed to provide reaso…
what are causes of limitations of internal controls
what is the management responsibility for internal control fo…
what is the management responsibility for internal control fo…
internal control
Composed of policies and procedures designed to provide reaso…
personnel errors, management override,…
what are causes of limitations of internal controls
108 terms
AUDIT internal control
Which of the following most likely wou…
When considering internal control, an…
Proper segregation of functional respo…
An entity's ongoing monitoring activit…
Incompatible duties.
The cost of an entity's internal control should NOT exceed th…
Authorization, recording, and custody.
Reviewing the purchase function.
Which of the following most likely wou…
Incompatible duties.
When considering internal control, an…
The cost of an entity's internal control should NOT exceed th…
60 terms
Audit 3 Internal Control
Internal control
Entity's objectives
five componets of internal control
Control environment
A process effected by those charged with governance, manageme…
Reliability of financial reporting... Effectiveness and efficien…
According the the COSO framework the auditor is REQUIRED TO U…
sets the tone of the organization, provides discipline and st…
Internal control
A process effected by those charged with governance, manageme…
Entity's objectives
Reliability of financial reporting... Effectiveness and efficien…
93 terms
Audit internal control
I. Internal control
A. The internal control system should:
a. Ensure that assets and records are…
b. Generate reliable information for d…
...
...
...
...
I. Internal control
...
A. The internal control system should:
...
22 terms
Audit Class 11: Auditing Internal Control
ICFR Objective
Top Down Approach
Management Evaluation of ICFR
Levels of controls
-To express an opinion on the effectiveness of the company's…
-Overall Risks at FS level... -Identify entity level controls... -A…
Steps... 1. Identify FR risks and related controls... 2. Evaluate e…
-Entity level... -Business unit... -Process controls... -transaction c…
ICFR Objective
-To express an opinion on the effectiveness of the company's…
Top Down Approach
-Overall Risks at FS level... -Identify entity level controls... -A…
46 terms
Auditing Internal Controls Terminology
Cross-site scripting (XSS)
Data leakage
Denial-of-service attack (DoS)
IP Address Spoofing
A vulnerability in dynamic web pages that allows an attacker…
Unauthorized copying of company data
An attack designed to make computer resources unavailable to…
Creating IP packets with a forged IP address to hide the send…
Cross-site scripting (XSS)
A vulnerability in dynamic web pages that allows an attacker…
Data leakage
Unauthorized copying of company data
47 terms
Auditing Internal Controls
Audits prior to SOX 404
Test of controls vs. substantive tests
Management's responsibility... TO ASSESS…
Auditor's responsibility... AUDIT IC ... (pr…
Choice of strategy depends on:... Existence of IC... Perceived qual…
Substantive Test: Accuracy of cash account, no controls, inqu…
Accept responsibility... Evaluate effectiveness of IC over finan…
F/S - to express opinion and provide reasonable assurance on…
Audits prior to SOX 404
Choice of strategy depends on:... Existence of IC... Perceived qual…
Test of controls vs. substantive tests
Substantive Test: Accuracy of cash account, no controls, inqu…
43 terms
Auditing Internal Controls
Audits Prior to SOX 404
Management's Responsibility
Management's Responsibility in Audit
Auditor's Responsibility
Choice of strategy depends on existence of IC, perceived qual…
To assess effectiveness of internal controls
Accepting responsibility... Evaluate effectiveness of IC over fi…
Audit internal controls; provides more assurance that a finan…
Audits Prior to SOX 404
Choice of strategy depends on existence of IC, perceived qual…
Management's Responsibility
To assess effectiveness of internal controls
33 terms
Audit Internal Controls
Audit prior to SOX
Management responsibilities (***)
Auditor responsibilities (***)
Audit of IC
auditor has a choice of strategy and he can focus more on jud…
to assess effectiveness of IC... -accept responsibility... -support…
audit internal control - provides more assurance than F/S aud…
purpose is to find material control weaknesses... -must be appro…
Audit prior to SOX
auditor has a choice of strategy and he can focus more on jud…
Management responsibilities (***)
to assess effectiveness of IC... -accept responsibility... -support…
149 terms
ACTG 307 - Auditing - Audit of Internal Control and Control Risk (Chapter 10)
What party is responsible for establis…
3 primary objectives of effective inte…
The PCAOB states that reasonable assur…
Internal controls can never be conside…
Management.
>Reliability of financial reporting... >Efficiency and effective…
a remote likelihood that material misstatements will not be p…
their effectiveness is limited by the competency and dependab…
What party is responsible for establis…
Management.
3 primary objectives of effective inte…
>Reliability of financial reporting... >Efficiency and effective…
36 terms
CPA AUDIT - INTERNAL CONTROL
Internal Control (Definition)
Objectives of Internal Control
Internal Control
Control Environment
A process designed to provide a reasonable assurance regardin…
A.S.A.P.... A ccurate, reliable financial statements (GAAP)... S…
C.R.I.M.E.... C ontrol activities (3rd)... R isk assessment (2nd)…
C.H.O.P.P.E.R.... C ommitment to competency... H uman Resource po…
Internal Control (Definition)
A process designed to provide a reasonable assurance regardin…
Objectives of Internal Control
A.S.A.P.... A ccurate, reliable financial statements (GAAP)... S…
7 Internal Audit and Control
Internal control
Control environment
Sarbanes-Oxley Act of 2002
Management controls
A system or process that an organization uses to achieve its…
The degree of importance a board of directors and management…
A federal statutory law governing corporate directors in the…
A system of specified standards or objectives against which a…
Internal control
A system or process that an organization uses to achieve its…
Control environment
The degree of importance a board of directors and management…
52 terms
Chapter 7- Auditing Internal Control
Section 404
accelerated, non-accelerated
reliance
management responsibilities under sect…
_________ of SOX requires management of public companies to i…
Companies w/ market cap (value of outstanding stock) of 75,00…
Auditors of public companies must use _______ strategy
In order for an external auditor to complete audit of ICFR, m…
Section 404
_________ of SOX requires management of public companies to i…
accelerated, non-accelerated
Companies w/ market cap (value of outstanding stock) of 75,00…
13 terms
Audit Final-Internal Control
What is the relationship between IC an…
what are the components of IC (COSO fr…
what things affect the control environ…
what factors may adversely affect the…
good IC decreases CR (better chance that material m/s will be…
-control environment (tone at top)... -entity's risk assessment…
-does management actually promote effective IC... -management in…
-new personnel (turnover)... -rapid growth (can controls keep up…
What is the relationship between IC an…
good IC decreases CR (better chance that material m/s will be…
what are the components of IC (COSO fr…
-control environment (tone at top)... -entity's risk assessment…
108 terms
AUDIT internal control
Which of the following most likely wou…
When considering internal control, an…
Proper segregation of functional respo…
An entity's ongoing monitoring activit…
Incompatible duties.
The cost of an entity's internal control should NOT exceed th…
Authorization, recording, and custody.
Reviewing the purchase function.
Which of the following most likely wou…
Incompatible duties.
When considering internal control, an…
The cost of an entity's internal control should NOT exceed th…
33 terms
2: Audit - Internal Control
If Internal Control is poor and a comp…
If Internal Control is poor - what is…
What does Internal Control provide rea…
What is required in an examination of…
Control risk increases with poor Internal Controls and sloppy…
Auditor will need to perform more testing and dig deeper into…
-Internal control provides reasonable assurance that... -Materia…
-CEO/CFO must disclose Internal Control deficiencies... -Managem…
If Internal Control is poor and a comp…
Control risk increases with poor Internal Controls and sloppy…
If Internal Control is poor - what is…
Auditor will need to perform more testing and dig deeper into…
31 terms
Audit: Internal Control
internal control provides reasonable a…
definition of internal control
COSO framework
control environment
- records are maintained... - transactions are recorded... - unauth…
process, effected by an entity's BoD, mgmt, and other personn…
tool used for assessing effectiveness of IC
most important; integrity, ethical values, and competence of…
internal control provides reasonable a…
- records are maintained... - transactions are recorded... - unauth…
definition of internal control
process, effected by an entity's BoD, mgmt, and other personn…
68 terms
Ch. 1: Auditing and Internal Control
Auditing
Auditing
Auditing
External Financial Audits
Systematic process of objectively obtaining and evaluating ev…
Regarding assertions about economic actions and events
To ascertain the degree of correspondence b/w those assertion…
An independent attestation performed by the CPA auditor
Auditing
Systematic process of objectively obtaining and evaluating ev…
Auditing
Regarding assertions about economic actions and events
14 terms
Internal Controls & the Integrated Audit
Internal Control Reporting under SOX a…
SEC Annual Report Filing Deadlines
Material Weakness vs. Significant Defi…
Factors that Auditors Use to Distingui…
STEP 1: Applies to ALL U.S. publicly traded companies- manage…
a) large accelerated filers; greater than 700 million market…
Material Weakness... -Supreme Court: "alter the total mix of inf…
-Does the weakness involve the CONTROL ENVIRONMENT?... -Does the…
Internal Control Reporting under SOX a…
STEP 1: Applies to ALL U.S. publicly traded companies- manage…
SEC Annual Report Filing Deadlines
a) large accelerated filers; greater than 700 million market…
13 terms
Chapter 7 Auditing Internal Control
The Sarbanes-Oxley Act of 2002 require…
A control deviation caused by an emplo…
Which of the following is not a factor…
Entity-level controls can have a perva…
The auditor should provide recommendations for improving inte…
Deficiency in operation
The financial statement amounts exposed to the deficiency
Controls to monitor the inventory taking process.
The Sarbanes-Oxley Act of 2002 require…
The auditor should provide recommendations for improving inte…
A control deviation caused by an emplo…
Deficiency in operation
17 terms
Auditing Chapter 6 Internal control
Managements Responsibilities
Internal control system should
Internal Control
Auditor has a responsibility
Provide reasonable assurance that adequate controls exist ove…
Verify that assets and records are safeguarded... Generate relia…
A system of IC designed by a firm to provide reasonable assur…
Obtain understanding of internal control ... Asses control risk
Managements Responsibilities
Provide reasonable assurance that adequate controls exist ove…
Internal control system should
Verify that assets and records are safeguarded... Generate relia…
55 terms
Audit Final - Internal controls
2nd standard of Field Work requires
PCAOB requires
COSO (Committee of Sponsoring Organiza…
For a private company:
that the auditor obtain a "sufficient understanding of the IC…
auditor to issue report on client's internal controls over fi…
instrumental in setting a lot of I.C. standards
YOU DON'T NECESSARILY HAVE TO RELY ON (and test) INTERNAL CON…
2nd standard of Field Work requires
that the auditor obtain a "sufficient understanding of the IC…
PCAOB requires
auditor to issue report on client's internal controls over fi…
18 terms
CHAPTER 1 AUDITING AND INTERNAL CONTROL
EXTERNAL AUDIT
Attest Sevices vs Advisory Services
Internal Audit
External vs. Internal Auditors
pengesahan independen yang dilakukan oleh seorang ahli (yaitu…
Attest service adalah hubungan antara praktsi dihubungkan ke…
*Audit Internal adalah fungsi penilai independen untuk memeri…
*Auditor Eksternal merupakan pihak luar sementara auditor int…
EXTERNAL AUDIT
pengesahan independen yang dilakukan oleh seorang ahli (yaitu…
Attest Sevices vs Advisory Services
Attest service adalah hubungan antara praktsi dihubungkan ke…
14 terms
Internal Control/Audit Evidence
What five things does Internal control…
What are the three necessary condition…
What must the internal audit function…
What is the framework SCARE made up of…
1. Control Environment... 2. Risk Assessment... 3. Information and…
Objectivity... Competence... Systematic and Disciplined Approach
Objectivity and Competence
S - Segregation of Duties... C - Controls (Physical controls)... A…
What five things does Internal control…
1. Control Environment... 2. Risk Assessment... 3. Information and…
What are the three necessary condition…
Objectivity... Competence... Systematic and Disciplined Approach
14 terms
IT Control/Audit Terms
What are the two types of controls?
What are general controls and what are…
What are application controls?
What is the objective of "input" and w…
General Controls... Application Controls
They are controls that have pervasive effects on all the spec…
They are related to the specific computer processing applicat…
That the input of data is accurate and authorized. ... Reprinted…
What are the two types of controls?
General Controls... Application Controls
What are general controls and what are…
They are controls that have pervasive effects on all the spec…
103 terms
Audit and Internal Controls
Liquidity Ratio
Quick Ratio
Burn Rate
A/R turnover
current assets/current liabilities - can they pay off their d…
(current assets - inventory)/current liabilities - can they p…
(starting cash balance - ending cash balance)/number of months
net sales/average gross receivables - amount of times for a t…
Liquidity Ratio
current assets/current liabilities - can they pay off their d…
Quick Ratio
(current assets - inventory)/current liabilities - can they p…
26 terms
Internal Controls and the Integrated Audit
5 Objectives of Internal Controls over…
Existence
Completeness
Valuation and Allocation
1. Existence... 2. Completeness... 3. Valuation and Allocation... 4. R…
are recorded transactions valid?... does it physically exist
Includes everything it should include and excludes what it sh…
Is it accurate... Does it follow GAAP
5 Objectives of Internal Controls over…
1. Existence... 2. Completeness... 3. Valuation and Allocation... 4. R…
Existence
are recorded transactions valid?... does it physically exist
53 terms
Audit - Testing Controls
Sales... Order and Credit Department... Cont…
Sales... Order and Credit Department ... Sam…
Sales... Warehouse and Shipping Departmen…
Sales... Warehouse and Shipping Departmen…
1. Prepare prenumbered sales order ... 2. Perform credit check (…
- Inquire about credit procedure for new customers (valuation…
1. Receive approved sales order from credit department (must…
Observe warehouse personnel filing sales orders (existence)
Sales... Order and Credit Department... Cont…
1. Prepare prenumbered sales order ... 2. Perform credit check (…
Sales... Order and Credit Department ... Sam…
- Inquire about credit procedure for new customers (valuation…
52 terms
Chapter 7- Auditing Internal Control
Section 404
accelerated, non-accelerated
reliance
management responsibilities under sect…
_________ of SOX requires management of public companies to i…
Companies w/ market cap (value of outstanding stock) of 75,00…
Auditors of public companies must use _______ strategy
In order for an external auditor to complete audit of ICFR, m…
Section 404
_________ of SOX requires management of public companies to i…
accelerated, non-accelerated
Companies w/ market cap (value of outstanding stock) of 75,00…
6 terms
Audit Internal Controls
Internal Control
What is the goal of an IC
Limits of internal controls (causes)
Auditor responsibility for IC's
-A process, effected by an entity's Board of Director's, mana…
-Composed of policies and procedures designed to provide reas…
1. Personnel errors- misunderstanding instructions, being car…
- For all clients: must understand IC system well enough to p…
Internal Control
-A process, effected by an entity's Board of Director's, mana…
What is the goal of an IC
-Composed of policies and procedures designed to provide reas…
16 terms
Auditing Chapter 6 Internal Control, Control Risk, Section 404 Audits
Control Activities
5 Types of Control Activities
4 Separation of duties guidelines
General Authorization
Policies and procedures that help ensure that necessary actio…
1. Adequate Separation of duties... 2. Proper authorization of t…
1. Separation of the custody of assets from accounting... 2. Sep…
Management establishes policies where transactions are approv…
Control Activities
Policies and procedures that help ensure that necessary actio…
5 Types of Control Activities
1. Adequate Separation of duties... 2. Proper authorization of t…
6 terms
Internal Control. Auditing Exam 1
Five Major Components of Internal Cont…
Control environment
Risk assessment
Control activities
1. Control environment... 2. Risk assessment... 3. Control activiti…
Set's the tone of an organization... I - Integrity and ethical v…
Assesses risks relevant to preparation of financial statement…
Ensure actions are taken to address risk... P - Performance revi…
Five Major Components of Internal Cont…
1. Control environment... 2. Risk assessment... 3. Control activiti…
Control environment
Set's the tone of an organization... I - Integrity and ethical v…
34 terms
Auditing Chapter 7: Internal Control
As of date
Assessed level of control risk
Audit decision aid
Compensating control
A concept applied to internal control reporting by the Sarban…
The level of control risk used by the auditors in determining…
A standard checklist, form, or computer program that assists…
A control that reduces the risk that an existing or potential…
As of date
A concept applied to internal control reporting by the Sarban…
Assessed level of control risk
The level of control risk used by the auditors in determining…
26 terms
Audit Chapter 10 - Internal Control
Internal Control (definition)
Three broad objectives of an effective…
Management Responsibilities
Management Responsibilities for SOX Se…
policies and procedures to provide reasonable assurance the c…
1. Reliability of financial reporting... 2. Efficiency and effec…
1. Establish and maintain internal controls... 2. Section 404
1. Make a statement saying they are responsible for establish…
Internal Control (definition)
policies and procedures to provide reasonable assurance the c…
Three broad objectives of an effective…
1. Reliability of financial reporting... 2. Efficiency and effec…
187 terms
auditing and it controls- Fraud/ Application Control
five conditions that typically are met…
False Prepresentation
Reliance
Aware
False Representation... Reliance... Aware... U- Intent... Damages
false statement or an omission of matieral facts
information or omission must be relied on by another party
person making the false representation is aware of it
five conditions that typically are met…
False Representation... Reliance... Aware... U- Intent... Damages
False Prepresentation
false statement or an omission of matieral facts
10 terms
608 Final - Audits/Controls
What are the four types of financial s…
Audit opinions fall into one of four c…
What is the goal of an audit?
What are the two focus areas of audits?
Statement of operations... Balance sheet... Stockholders equity... Cas…
Clean or qualified opinions... Qualified opinions... Adverse opinio…
Express opinion on financial statements, it is not a transact…
Receivables and investments
What are the four types of financial s…
Statement of operations... Balance sheet... Stockholders equity... Cas…
Audit opinions fall into one of four c…
Clean or qualified opinions... Qualified opinions... Adverse opinio…
26 terms
Auditing A3 Internal Control
What are the three objectives mgt. acc…
What are the five components of intern…
Which of the five elements of COSO is…
What are the 3 key aspects of the cont…
1. reliability of financial reporting... 2. effectiveness and ef…
1. control environment... 2. risk assessment... 3. information & co…
All five
1. It sets the tone of the organization ... 2. provides discipli…
What are the three objectives mgt. acc…
1. reliability of financial reporting... 2. effectiveness and ef…
What are the five components of intern…
1. control environment... 2. risk assessment... 3. information & co…
40 terms
Audit Chapter 7 Auditing Internal Control over Financial Reporting
Managements Responsibilities under sec…
Auditors Responsibilities under sectio…
Control Deficiency
Material weakness
-Accept responsibility for the effectiveness of the entity's…
-audit management's assertion about the effectiveness of ICFR…
design or operation problem with control... -design deficiency…
reasonable possibility of material misstatement
Managements Responsibilities under sec…
-Accept responsibility for the effectiveness of the entity's…
Auditors Responsibilities under sectio…
-audit management's assertion about the effectiveness of ICFR…
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