Internal control 1_ricc_revised
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The document discusses internal control as defined by COSO, including its components of control environment, risk assessment, control activities, information and communication, and monitoring. It explains how auditors obtain an understanding of a company's internal controls in order to assess control risk and determine the nature, timing and extent of substantive audit tests. Auditors evaluate control deficiencies and may issue an opinion on the effectiveness of internal controls over financial reporting.
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specjalnosci pozarnicze dla mlodziezowych druzyn pozarniczych
specjalnosci pozarnicze dla mlodziezowych druzyn pozarniczych
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DECEMBER INTERNAL CONTROL FOR EFFICIENT AND EFFECTIVE SERVICE DELIVERY-1.ppt
Internal controls are processes designed to provide reasonable assurance of an organization's objectives regarding effectiveness, efficiency, reliable financial reporting, and compliance with laws and regulations. The key components of internal controls include control environment, risk assessment, control activities, information and communication, and monitoring activities. It is the responsibility of everyone in an organization to implement internal controls. Examples of internal control policies and procedures provided include segregation of duties, authorization of transactions, documentation of policies and procedures, and safeguarding of assets. Insufficient internal controls can lead to audit findings, mismanagement of funds, and inefficient use of resources.
8. internal control new
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Internal controls are processes put in place by an organization to help ensure the reliability of financial reporting, effectiveness and efficiency of operations, and compliance with laws and regulations. They are the responsibility of everyone in the organization and help provide reasonable assurance that the organization will achieve its objectives. Key components of a strong internal control system include control environment, risk assessment, control activities, information and communication, and monitoring activities. Examples of control activities are policies and procedures for authorization of transactions, segregation of duties, and safeguarding of assets.
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This document discusses internal controls in an IT environment. It defines internal controls as policies, practices and procedures to safeguard assets, ensure accurate records, promote efficiency, and ensure compliance. It discusses preventive, detective, and corrective controls, with examples for each. It also outlines the COSO internal control framework, which establishes components of control environment, risk assessment, control activities, information/communication, and monitoring. The COSO framework is a standard for designing and evaluating internal controls.
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1) The document discusses internal financial controls as required by the Companies Act 2013 in India, including who is responsible for them according to the Act. It covers topics such as the definition of internal financial controls and internal controls over financial reporting, the global perspective on internal controls, and the expected response from various stakeholders.
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Good Corporate governance is a key factor in ensuring sound financial reporting and deterring misappropriations of capital and resources. Internal control and corporate governance go hand in hand. Many SME
have an ambitious goal of reaching a
reliable, continuous and integrated internal
control state. However, many SME’s are
still grappling to build a comprehensive
control process. In this paper, we present an
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Chapter 9Audit Risk AssessmentPrepared by Dr Phil Saj1.docx
Chapter 9
Audit Risk Assessment
Prepared by Dr Phil Saj
1
Learning objectives
Appreciate the importance of audit risk assessment and why it is linked to financial statement assertions.
Explain the importance of business risks in audit planning.
Describe the procedures performed by an auditor to assess risk.
Appreciate the importance of internal control to an entity and to its independent auditors.
2
Learning objectives
Indicate the procedures for obtaining and documenting an understanding of the entity’s internal control.
Explain why and how a preliminary assessment of control risk is made.
Explain the importance of the concept of audit risk and its three components.
3
Management’s financial statement assertions
Existence or occurrence
Assets or liabilities of the entity exist at a given date and whether recorded transactions or events have occurred during the period.
Completeness
Transactions, events and accounts that should be presented in the financial statement are included.
Cut-off
All transactions, events and accounts have been recorded in the correct period.
4
Management’s financial statement assertions
Rights and obligations
Assets represent rights of the entity and liabilities
are the obligations of the entity at a given date.
Valuation and allocation
Asset, liability, components have been included in the
financial statements at the appropriate amounts.
Accuracy
Transactions have been appropriately recorded
in the proper accounts.
5
Management’s financial statement assertions
Presentation and disclosure
Particular components of the financial statements are
properly classified, described and disclosed.
Refer to the textbook Table 9.1, page 363, for illustrations of each of these assertions.
6
Business risk assessment
A business risk approach allows the auditor to:
Identify threats faced by the organisation.
Recognises that most business risks will eventually
have an effect on the financial statements.
Increase the chances of identifying risks of material
misstatements in the financial reports
Categories of business risk:
Financial risk
Operational risk
Compliance risk
7
Risk assessment procedures
Enquiries
Management, staff, internal auditors, company bankers,
legal advisors.
Analytical procedures
Provide a broad indication of the likelihood of possible
errors.
Observations and inspections
Inspection of manuals, visiting business premises,
observing procedures taking place.
8
Importance of internal control
The Committee of Sponsoring Organisations (COSO) of
the Treadway Commission defines internal control as:
a process, effected by an entity’s board of directors,
management and other personnel, designed to
provide reasonable assurance regarding the
achievement of objectives in the following categories:
Effectiveness and efficiency of ...
Why do we need internal control in an organization What is its purp.pdf
Why do we need internal control in an organization? What is its purpose, and what are its
objectives (not components)? Can you explain with examples?
Solution
INTERNAL CONTROL - The process designed, implemented and maintained by those charged
with governance, management and other personnel to provide reasonable assurance about the
achievement of an entity’s
objectives with regard to reliability of financial reporting,
effectiveness and efficiency of operations, safeguarding of assets, and compliance with
applicable laws and regulations. The term \"controls\" refers to any aspects of one or more of the
components of the internal control
WE NEED INTERNAL CONTROL SYSTEM IN THE ORGANISATION TO REDUCE THE
RISK OF FRAUD AND ERRORS
MAIN OBJECTIVES OF THE INTERNAL CONTROL SYSTEM IN THE ORGANISATION
ARE
Aims of Internal Control in relation to Financial and Accounting Aspects: Internal
controls relating to financial and accounting aspects are concerned with achieving the
following objectives -
(1) transactions are executed in accordance with management’s general or specific authorisation;
(2) all transactions and other events are promptly recorded in the correct amount, in the
appropriate accounts and in the proper accounting period so as to permit preparation of
financial statements in accordance with the applicable accounting standards, other recognised
accounting policies and practices and relevant statutory requirements, if any,
and to maintain accountability for assets;
(3) assets and records are safeguarded from unauthorised access, use or disposition; and
(4) the recorded assets are compared with the existing assets at reasonable intervals and
appropriate action is taken with regard to any differences.
For example : an auditor may perform a \"walk-through\" test that is, tracing a few transactions
through the accounting system. When the transactions selected are typical of those
transactions that pass through the system, this procedure may be treated as part of the tests of
control. The nature and extent of walk through tests performed by the auditor are such that they
alone would not provide sufficient appropriate audit evidence to support a control risk
assessment which is less than high.
Thank you hope this usefull.
Essentials Of Internal Control
Material used by my mentor/friend - Cheung Hon Wan in 2005 Internal Control Forum in Shanghai. I am glad for preparing this ppt for his speech
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This document provides an overview of managerial accounting and the business environment. It discusses the key differences between managerial accounting and financial accounting. Managerial accounting provides internal information for managers, while financial accounting provides external information. The document also outlines some changing tools for managers, including just-in-time systems, total quality management, process reengineering, and the theory of constraints. It discusses the plan-do-check-act cycle and introduces concepts like codes of conduct, standards of ethical conduct, and objectives of management accounting.
Chp06
The document discusses audit planning procedures which include deciding whether to accept a prospective client, obtaining knowledge of the client's business, making preliminary arrangements, preparing an engagement letter, and developing an audit plan and time budget. It also discusses obtaining client information, understanding the client's business and industry, assessing materiality and fraud risks, and developing the audit program. The overall purpose is to plan the audit engagement and assess risks to determine the appropriate audit procedures.
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Internal control 1_ricc_revised
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