Unformatted text preview: taken to address risks in the achievement of the entity’s objectives. 1. Separation of duties (pg 298) 2. Proper authorization of transactions & activities 3. Adequate documents & records 4. Physical control over assets and records 5. Independent checks on performance Information & Communication – initiate, record, process, and report the entity’s transactions and to maintain accountability over the related assets. Monitoring – ongoing assessment of the quality of I/C’s by management to determine that controls are operating as intended and modified if need be. Obtaining and Documenting I/C See pg 304 Figure 10-3 Fig 10-4 pg 306- Questionnaire Fig 10-5 pg 309 – Risk Matrix Table 10-3 pg 315 – Types of Tests of Controls Plan Substantive Tests- (Tests of Balances)...
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- Table 10-3 pg