LESSON _6

LESSON _6 - 6-21.1. Control Environment: The control...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 6-21.1. Control Environment: The control environment sets the tone of the organization, influencing the control consciousness of its people. It is the foundation of all other components of internal control, providing discipline and structure.2.The Entitys Risk Assessment Process: The process for identifying and responding to business risks and the results thereof. For financial reporting purposes, the entitys risk assessment process includes how management identifies risks relevant to the preparation of financial statements that are fairly presented in conformity with generally accepted accounting principles, estimates their significance, assesses the likelihood of their occurrence, and decides upon actions to manage them.3.The Information System and Related Business Processes Relevant to FinancialReporting and Communication: An information system consists of infrastructure (physical and hardware components), software, people, procedures (manual and automated), and data. The information system relevant to the financial reporting automated), and data....
View Full Document

Page1 / 2

LESSON _6 - 6-21.1. Control Environment: The control...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online