COSO_Components_of_Internal_Control

COSO_Components_of_Internal_Control - transactions and...

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Click to edit Master subtitle style 2/10/11 COSO Components of Internal Control Rob Barton, Vanessa Collins, Chris Ibone, Dan Helminen
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2/10/11 Control Environment Risk Assessment Control Activities Information & Communication Monitoring A visual
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2/10/11 Control Environment Integrity and Ethical Values Commitment to Competence Board of Director or Audit Committee Participation Management’s Philosophy and Operating Style Organizational Structure Human Resource Polices and Practices
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2/10/11
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2/10/11 Control Activities Adequate separation of duties Proper authorization of transactions and activities Adequate documents and records Physical control over assets and records Independent checks on performance
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2/10/11 Adequate Separation of Duties
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2/10/11 Proper authorization of
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Unformatted text preview: transactions and 2/10/11 Adequate Documents and Records 2/10/11 Physical control over assets and records 2/10/11 Independent checks on performance 2/10/11 Information and Communication The auditor determines Major classes of transactions How transactions are initiated and recorded What account records exists and their nature How the system captures other significant events Nature of the financial reporting process followed 2/10/11 Risk Assessment Processes Identify factors affecting risks Assess significance of risk Determine actions necessary to manage risks 2/10/11 Monitoring Ongoing and periodic Larger companies often have an internal audit department...
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This note was uploaded on 02/09/2011 for the course BIO 181 taught by Professor Milton during the Spring '08 term at N.C. State.

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COSO_Components_of_Internal_Control - transactions and...

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