{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Chapter _10, Revenue-Receipts IC

Chapter _10, Revenue-Receipts IC - “Consideration of I/C...

Info iconThis preview shows pages 1–4. 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 Document Right Arrow Icon

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

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

Unformatted text preview: “Consideration of I/C in a F/S Audit” (Recall 5 ‘Components’) Control environment (control consciousness, etc.) Information & communication (recall the 5 ‘assertions’ related to the reliability of the F/S) – Existence/occurrence – Completeness – Valuation – Rights & obligations; and presentation & disclosure Control activities-- recall “SCARE” framework… Risk assessment Monitoring “Study & Evaluation” of I/C (Impact of Each Component on Audit Approach) Preliminary review inquire/observe how client’s system of I/C works in major areas Document auditor’s understanding of I/C – Written memoranda – Flowcharts (emphasizes ‘flow’ of key documents) – Internal Control Questionnaires (ICQs) Perform a “walk through” simply to verify one’s understanding of the client’s I/C systems Assess control risk and evaluate whether reliance on I/C is warranted (and cost-justifiable!) Some Comments About “Reliance” on Selected Controls...
View Full Document

{[ snackBarMessage ]}

Page1 / 8

Chapter _10, Revenue-Receipts IC - “Consideration of I/C...

This preview shows document pages 1 - 4. Sign up to view the full document.

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