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Auditing Exam 2 Study Guide Ch.6 * Committee of Sponsoring Organizations of the Treadway outfit (COSO Framework) 1. deem Environment- Tone at the Top, how does focussing approve of intimate chastenesss i. talk & amp; Enforcement of Integrity and Ethical Values ii. lading to Competence a) Hire upright person and number of people b) Whole department is filled iii. Active panel of Directors iv. centering Philosophy and Operating Style v. Organization Structure a) concession of liberty and Responsibility 2. Entitys Risk Assessment Process- how does management do this? i. concentre on how change is handled (Ex. new employee, acquisition) 3. Info. Systems (I.T. ironware and Software) & related Business Processes (Manual or Automated) Relevant to monetary Reporting & Communications i. Revenue, Production, Expenditure, HR, Industry Specific, G/L Financi al 4. concur Activities- policies and procedures that help to fasten that managements directions are carried out i. Automated or Manual ii. acquirement Review: ongoing course of study vs. Prior Year, Current Year vs. Budget iii.

Information Processing check up ons a) General checks- Applicable to all systems (change control and security access) b) act tallys- specific to system iv. Physical Controls- Access to Area, clip quantify v. Segregation of Duties 5. Monitoring Controls * All Internal Control Systems deficiency to be Documented through: * Narratives *! Flowcharts * Internal Control Questionnaires Control Reliance Strategy vs. Substantive Strategy Table: Control Reliance Strategy| Substantive Strategy| Rely on Controls| Do not rely on controls| Test Controls to declare sure operating appropriately| Use substantive procedures as main testing source| If Good, can reduce pass on NOT eliminate substantive testing| Still former to document...If you want to get a full essay, order it on our website: BestEssayCheap.com

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