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Assignment 8-1 Auditing Internal Control

Assignment 8-1 Auditing Internal Control - and evaluation...

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Assignment 8-1 Auditing Internal Control Chapter 7 7-6. List the steps in the auditor’s process for an audit of ICFR. - Plan the audit of ICFR - Identify controls to test using a top-down, risk-based approach. - Test the design and operating effectiveness of selected controls - Evaluate identified control deficiencies - Form an opinion on the effectiveness of ICFR 7-13. What are the auditor’s documentation requirements for an audit of ICFR? The auditor should document the processes, procedures, judgments, and results relating to the audit of internal control. The auditor’s documentation must include the auditor’s understanding
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Unformatted text preview: and evaluation of the design of each of the components of the entity’s ICFR. The auditor also documents the process used to determine the points at which misstatements could occur within the significant accounts and disclosures. The auditor must document the extent to which he or she relied upon work performed by others. Finally, the auditor must describe the evaluation of any deficiencies discovered, as well as any other findings, that could result in a modification to the auditor’s report....
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