Chap006 - Chapter 06 - Internal Control in a Financial...

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Chapter 06 - Internal Control in a Financial Statement Audit Chapter 6 Internal Control in a Financial Statement Audit Learning Objectives Review Questions Multiple- Choice Questions Problems Discussion Cases ACL Problems/ EarthWear Mini-Cases (EWMC) LO 1: Understand the importance of internal control to management and auditors. 1 12,13 LO 2: Know the definition of internal control. 25 LO 3: Know what controls are relevant to the audit. 24 LO 4: Understand the effect of information technology on internal control. 2 15 27 LO 5: Be familiar with the components of internal control. 3,4 14 25,26 31 LO 6: Understand how to plan an audit strategy. 5 17,24 25,26 31 LO 7: Know how to develop an understanding of an entity’s internal control. 6,7 13,16 ACL EWMC LO 8: Be familiar with the tools available for documenting the understanding of internal control. 8,9 28 EWMC LO 9: Know how to assess the level of control risk. 9 18 25 LO 10: Know the types of tests of controls. 17,19, 20 EWMC LO 11: Understand audit strategies for the nature, timing, and extent of substantive procedures based on different levels of detection risk. 10 29 LO 12: Understand the considerations for the timing of audit procedures. 10 29 LO 13: Be familiar with how to assess control risk when an entity’s accounting transactions are processed by a service organization. 21 LO 14: Understand the auditor’s communication of internal control-related matters. 11 22 30 LO 15: Be familiar with general and application controls. LO 16: Understand how to flowchart a business process. 23 6-1
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Chapter 06 - Internal Control in a Financial Statement Audit END OF CHAPTER MATERIALS COMPARISION CHART Number in 7 th edition Compariso n Number in 6 th edition 6-1 Unchanged 6-1 6-3 Unchanged 6-2 6-4 Unchanged 6-3 6-2 Unchanged 6-4 6-5 Unchanged 6-5 6-6 Unchanged 6-6 6-7 Unchanged 6-7 6-8 Unchanged 6-8 6-9 Unchanged 6-9 6-10 Unchanged 6-10 6-11 Unchanged 6-11 6-12 Unchanged 6-12 6-13 Unchanged 6-13 6-14 Unchanged 6-14 6-15 Unchanged 6-15 6-16 Unchanged 6-16 6-17 Unchanged 6-17 6-18 Unchanged 6-18 6-19 Revised 6-19 6-20 Revised 6-20 6-21 Revised 6-21 6-22 Unchanged 6-22 6-23 Unchanged 6-23 6-24 Unchanged 6-24 6-25 Revised 6-25 6-26 Unchanged 6-26 6-27 Revised 6-27 6-28 Unchanged 6-28 6-29 Unchanged 6-29 6-30 Unchanged 6-30 6-31 Unchanged 6-31 6-2
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Chapter 06 - Internal Control in a Financial Statement Audit Chapter 6 provides detailed coverage of the auditor’s assessment of internal control. We normally spend a substantial amount of time with the material contained in this chapter focusing on the basic concepts that apply to the audit of internal control and how the auditor’s consideration of internal control impacts the audit. Additionally the students need to have a good grasp of the COSO framework covered in this chapter. [LO 1] Introduction
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This note was uploaded on 04/05/2011 for the course ACC 311 taught by Professor Hogwarts during the Spring '11 term at Michigan State University.

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Chap006 - Chapter 06 - Internal Control in a Financial...

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