ugaud.ch7 - Chapter 7 DIFFERENTIATE BETWEEN: An Audit of...

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An Audit of Internal Control Over Financial Reporting Performed in Conjunction with an Audit of Financial Statements An Audit of Financial Statements DIFFERENTIATE BETWEEN: Chapter 7
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ICFR Defined ICFR is defined as a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements in accordance with GAAP. Controls include procedures that: 1. Pertain to the maintenance of records that fairly reflect the transactions and dispositions of the assets of the company. 2. Provide reasonable assurance that transactions are recorded in accordance with GAAP. 3. Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company’s assets. LO# 3
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PCAOB’s definition of Internal Control Deficiencies A Control Deficiency exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis.
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This note was uploaded on 05/13/2011 for the course BUSACC 1238 taught by Professor Hoffman during the Spring '11 term at Pittsburgh.

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ugaud.ch7 - Chapter 7 DIFFERENTIATE BETWEEN: An Audit of...

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