Chapter 10 - InternalControlandControlRisk Second Standard...

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Internal Control and Control Risk Second Standard of Fieldwork Terminology and Background Auditor’s Process of Considering ICS
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Second Standard of Fieldwork A sufficient understanding of internal control is to be obtained to plan the audit and to determine the nature, timing, and extent of tests to be performed.
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Terminology and Background Auditor concern versus management concern Key Concepts management’s responsibility reasonable assurance inherent limitations Information Technology Components of Internal Control
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Components of Internal Control Control Environment Risk Assessment Control Activities Information and Communication Monitoring
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Control Environment Attitude toward controls--examples Fraud Triangle Factors affecting the control environment Integrity and ethical values Commitment to competence Board of directors and audit committee participation Management’s philosophy and operating style Assignment of authority and responsibility Human resource policies
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This note was uploaded on 02/09/2011 for the course ACCT 407 taught by Professor Smith during the Spring '11 term at University of Louisiana at Lafayette.

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Chapter 10 - InternalControlandControlRisk Second Standard...

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