L8 Notes_Part_2 - Test effectiveness of internal control...

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Evaluating Internal Control Design and Effectiveness Plan the evaluation Materiality, complexity, risk of fraud, multiple locations Evaluate management’s documentation and testing Narratives, flowcharts, policies and procedures & IA Obtain an understanding of internal control IC questionnaires -> flowcharts, narratives Walkthroughs Audit committee Assess control risk for financial reporting assertions
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Unformatted text preview: Test effectiveness of internal control Evaluate results of control tests Perform tests of controls through: inquiry of client personnel inspection of documents and reports indicating performance of policies and procedures observation of application of controls reperformance by auditor of policies and procedures to a sample of transactions or balances...
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This note was uploaded on 10/05/2011 for the course ACG 5637 taught by Professor Monikacaushoulli during the Fall '08 term at University of Florida.

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L8 Notes_Part_2 - Test effectiveness of internal control...

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