Chapter _10, Revenue-Receipts IC

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

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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 clients system of I/C works in major areas Document auditors understanding of I/C Written memoranda Flowcharts (emphasizes flow of key documents) Internal Control Questionnaires (ICQs) Perform a walk through simply to verify ones understanding of the clients 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...
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This note was uploaded on 04/22/2011 for the course ACCY 360 taught by Professor T during the Spring '08 term at Northern Illinois University.

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

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