ugaud.ch6(b) - Chapter 6(b) 2 Reasons to Evaluate a...

Info iconThis preview shows pages 1–5. Sign up to view the full content.

View Full Document Right Arrow Icon
Click to edit Master subtitle style 11 Chapter 6(b) 2 Reasons to Evaluate a 1. If it’s a public company, SOX Section 404 requires the auditor to issue a separate report on internal controls (we’ll discuss this in Ch. 7) 2. To assess Control Risk, as described in chapter 6 of text.
Background image of page 1

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

View Full DocumentRight Arrow Icon
22 Obtain understanding of internal control for business processes and specific assertions Document the understanding of IC Preliminary assessment of Control Risk at Maximum or lower? Substantive Strategy Reliance Strategy Maximum Lower
Background image of page 2
33 Obtain an understanding of Internal Control System For each business process: Identify the types of misstatements that could occur Determine necessary controls to prevent and detect Determine whether designed and in place Identify weaknesses Design substantive procedures for weaknesses found Communicate weaknesses as reportable conditions Note : Control Risk Assessments can be different for different business processes
Background image of page 3

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

View Full DocumentRight Arrow Icon
44 Obtain an understanding of IC System SOURCES
Background image of page 4
Image of page 5
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 14

ugaud.ch6(b) - Chapter 6(b) 2 Reasons to Evaluate a...

This preview shows document pages 1 - 5. Sign up to view the full document.

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