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Internal control in financial statement audit
Internal control in financial statement audit
Internal control in financial statement audit
Internal control in financial statement audit
Internal control in financial statement audit
Internal control in financial statement audit
Internal control in financial statement audit
Internal control in financial statement audit
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Internal control in financial statement audit

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Transcript

  • 1. Internal control in financial statement audit
  • 2. Barker Group interview on Tuesday
    Find information to assess overall inherent risk
    Understand line items on financial statements
    Find information to assess overall control risk
  • 3.
    • Understand COSO framework for the client
    • 4. General
    • 5. Control environment
    • 6. Risk assessment
    • 7. Financial Reporting
    • 8. Posting
    • 9. Adjusting entries
    • 10. Financial report prep
    • 11. General IT controls
    • 12. System software management
    • 13. Access security
    • 14. Networking and infrastructure
    • 15. Application system management
    • 16. Monitoring internal controls
    • 17. Application or transaction level
    • 18. Information and communication
    • 19. Initiation, authorization, recording, processing, and reporting
    • 20. Accounting records
    • 21. Control Activities
    • 22. IT application controls
    • 23. Limitations of internal control
    • 24. Override
    • 25. Collusion
    • 26. Error
    Assess Control Risk
  • 27. Assess Control Risk
    Rely upon controls
    Substantive strategy
    Extent of testing depends on detection risk
  • 28. Assess Control Risk
    Rely upon controls
    Substantive strategy
    Reliance strategy
    Identify control upon which you rely for an assertion
    Test Controls
    Conclude on achieved level of control
  • 29. Assess Control Risk
    Rely upon controls
    Substantive strategy
    Reliance strategy
    Identify control upon which you rely for an assertion
    Test Controls
    Conclude on achieved level of control
  • Assess Control Risk
    Rely upon controls
    Substantive strategy
    Reliance strategy
    Timing of testing depends on strategy and detection risk
  • 34. Communication of control deficiencies
    Control deficiency:
    does not prevent or detect and correct a misstatement
    Significant deficiency
    Important enough to merit attention
    Material weakness
    Reasonable possibility that a material misstatement will not be prevented or detected and corrected
    Significant deficiencies and material weaknesses are reported to management and board.

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