Internal%20Control%20Evaluation%20%28October%2017%202011%29

Internal%20Control%20Evaluation%20%28October%2017%202011%29...

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Internal Control Evaluation Tim Bauer ACCY 405 October 17, 2011
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Announcements Outside class assignment for Loblaw case,  due Wednesday, October 19 One submission per group To be announced in class
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Today’s Objectives announcement. Discussion of Internal Control Evaluation. Group Activity: “Casino” Video & Discussion.
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Internal Control Evaluation
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Strategic analysis provides a risk profile:  Management controls and processes  exist to manage risks . The processes themselves are the  focus of risk . Management controls are present over processes to prevent  process level risk impacting the ability of a process to control  higher level risks. Processes generate accounting transactions. If processes are  under control , so should be the accounting  transactions. Auditors need to test  all of these assumptions . What is the Point of Strategic Analysis?
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Control Defined “Control comprises those elements of an organization  (including its resources, systems, processes, culture,  structure, and tasks) that, taken together, support  people in the achievement of the organization’s  objectives” (Criteria of Control Committee or CoCo).
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This note was uploaded on 11/17/2011 for the course ACCY 405 taught by Professor D during the Winter '11 term at University of Illinois at Urbana–Champaign.

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Internal%20Control%20Evaluation%20%28October%2017%202011%29...

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