Chap007 - Chapter 07 - Auditing Internal Control over...

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Unformatted text preview: Chapter 07 - Auditing Internal Control over Financial Reporting Chapter 7 Auditing Internal Control over Financial Reporting Learning Objectives Review Questions Multiple- Choice Questions Problems Discussion Cases ACL Problems/ Internet Assignments LO 1: Understand managements responsibilities for reporting on internal control under Section 404 of the Sarbanes-Oxley Act. 1 19 LO 2: Understand the auditors responsibilities for reporting on internal control under Section 404 of the Sarbanes-Oxley Act. 1 19 LO 3: Know the definition of internal control over financial reporting (ICFR). LO 4: Be able to explain the differences between a control deficiency, a significant deficiency, and a material weakness. 2 20,21 35,36,37, 38 46, 47 LO 5: Understand managements assessment process. 3,4,5 LO 6: Know how auditors conduct an audit of ICFR. 6 22 34,35,36 LO 7: Understand how the auditor plans the audit of ICFR. 7,8 34 LO 8: Be able to describe the top-down, risk-based approach that auditors use for an audit of ICFR. 4,8,9, 10 22,23,24, 25 34 LO 9: Understand how to test the design and operating effectiveness of controls. 23,24,25, 26 ACL LO 10: Understand how to evaluate identified control deficiencies. 11 20,21 35,36,37, 38,39,40, 41,42,43 46 LO 11: Understand how remediation affects audit reporting. 12 LO 12: Know the written representations that the auditor must obtain from management. LO 13: Be familiar with the auditors documentation requirements. 13 LO 14: Understand auditor reporting for the audit of ICFR. 14,15,16 27,28,29 37,38,39, 40,41,42, 43 46,47 LO 15: Know the auditors communication responsibilities on an audit of ICFR. 30,31 LO 16: Understand how to obtain assurance on controls at a service organization that processes transactions for the entity. 17 LO 17: Know managements and the auditors responsibilities for controls that provide reasonable assurance for safeguarding company assets. LO 18: Be familiar with computer- assisted audit techniques. 18 32,33 44,45 ACL 7-1 Chapter 07 - Auditing Internal Control over Financial Reporting END OF CHAPTER MATERIALS COMPARISION CHART Number in 7th edition Comparison Number in 6 th edition 7-1 Unchanged 7-1 7-2 Unchanged 7-2 7-3 Unchanged 7-3 7-5 Unchanged 7-4 7-6 Unchanged 7-5 7-8 Unchanged 7-6 7-9 Unchanged 7-7 7-10 Unchanged 7-8 7-11 Unchanged 7-9 7-7 Unchanged 7-10 7-12 New 7-13 Unchanged 7-11 7-14 Unchanged 7-12 7-15 Unchanged 7-13 7-16 Unchanged 7-14 7-4 Revised 7-15 7-17 Unchanged 7-16 7-18 Unchanged 7-17 7-19 Revised 7-18 7-30 Unchanged 7-19 7-20 Unchanged 7-20 7-21 Unchanged 7-21 7-31 Unchanged 7-22 7-22 Unchanged 7-23 7-23 Unchanged 7-24 7-25 Unchanged 7-25 7-26 Unchanged 7-26 7-27 Unchanged 7-27 7-28 Unchanged 7-28 7-29 Unchanged 7-29 Removed 7-30 7-24 Revised 7-31 7-32 Unchanged 7-32 7-33 Unchanged 7-33 7-34 Unchanged 7-34 7-35 Unchanged 7-35 7-36 Revised 7-36 7-37 Unchanged 7-37 7-2 Chapter 07 - Auditing Internal Control over Financial Reporting 7-38 Unchanged 7-38 7-39...
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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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Chap007 - Chapter 07 - Auditing Internal Control over...

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