Those charged with governance tcwg the persons or

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Accounting Information Systems
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Chapter 11 / Exercise SP11-3
Accounting Information Systems
Dull/Gelinas
Expert Verified
Those Charged With Governance (TCWG) The person(s) or organization(s) (for example, a corporate trustee) with responsibility for overseeing the strategic direction of the entity and obligations related to the accountability of the entity. This includes overseeing the financial reporting process. For some entities, in some jurisdictions, those charged with governance may include management personnel—for example, executive members of a governance board of a private or public sector entity, or an owner-manager. Owner-Manager This refers to the proprietor of an entity involved in the running of the entity on a day-to-day basis. In most instances, the owner-manager will also be the person charged with governance of the entity. Small- and Medium-Sized Practice (SMP) An accounting practice/firm that exhibits the following characteristics: Its clients are mostly small- and medium-sized entities (SMEs); External sources are used to supplement limited in-house technical resources; and It employs a limited number of professional staff. What constitutes an SMP will vary from one jurisdiction to another.
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Accounting Information Systems
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Chapter 11 / Exercise SP11-3
Accounting Information Systems
Dull/Gelinas
Expert Verified
Guide to Using International Standards on Auditing in the Audits of Small- and Medium-Sized Entities Volume 2 —Practical Guidance 12 1.4 Acronyms Used in the Guide AR Accounts receivable Assertions (combined) C= Completeness E = Existence A = Accuracy and cutoff V = Valuation CAATs Computer-assisted audit techniques CU Currency units (standard currency unit is referred to as “Є”) F/S Financial statements HR Human resources IAASB International Auditing and Assurance Standards Board IC Internal Control. The five major components of internal control are as follows: CA = Control activities CE = Control environment IS = Information systems MO= Monitoring RA = Risk assessment IESBA Code IESBA Code of Ethics for Professional Accountants IFAC International Federation of Accountants IFRS International Financial Reporting Standards ISAs International Standards on Auditing ISAEs International Standards on Assurance Engagements IAPSs International Auditing Practice Statements ISQC International Standard on Quality Control ISREs International Standards on Review Engagements ISRSs International Standards on Related Services IT Information technology PC Personal computer R&D Research and development RMM Risks of material misstatement RAPs Risk assessment procedures SME Small- and medium-sized entity SMP Small- and medium-sized practice TOC Tests of controls TCWG Those charged with governance WP Work papers, working papers
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