consider using the Illustrative Tools as part of this initial comparison and as an ongoingevaluation of the overall effectiveness of the entity’s system of internal control Other Management and Personnel - Managers and other personnel should review thechanges made to this version and assess implications of those changes on the entity’ssystem of internal control. In addition, they should consider how they are conducting theirresponsibilities in light of the Framework and discuss with more senior personnel ideas forstrengthening internal controlInternal Auditors - Internal auditors should review their internal audit plans and how theyapplied the 1992 edition of the frameworkIndependent Auditors - In some jurisdictions, an independent auditor is engaged to audit orexamine the effectiveness of the client’s internal control over financial reporting in additionto auditing the entity’s financial statements. Auditors can assess the entity’s system ofinternal control in relation to the Framework, focusing on how the organization hasselected, developed, and deployed controls that affect the principles within the componentsof internal controlOther Professional Organizations - Other professional organizations providing guidance onoperations, reporting, and compliance may consider their standards and guidance incomparison to the Framework. To the extent diversity in concepts and terminology iseliminated, all parties benefitEducators - With the presumption that the Framework attains broad acceptance, itsconcepts and terms should find their way into university curriculaWeb Assignments and Link - Spring 2016Dung Pham
AS 12 and AS 1334V. AS 12 AND AS 13Read “AS 12 Identifying and Assessing Risks of Material Misstatement” and “AS 13 TheAuditor’s Responses to the Risks of Material Misstatement” – links are on the following link to thePCAOB Auditing Standards: 1AS 12 - What is the auditor’s responsibility related to risk assessment in an audit? Isthis responsibility different in an integrated audit?