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Auditing Exam 2 Study Guide Ch.6 * Committee of Sponsoring Organizations of the Treadway mission (COSO Framework) 1. deem Environment- Tone at the Top, how does centering approve of inborn chastenesss i. talk & amp; Enforcement of Integrity and Ethical Values ii. load to Competence a) Hire upright person and number of concourse b) Whole department is filled iii. Active panel of Directors iv. trouble Philosophy and Operating Style v. Organization Structure a) subsidisation 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. computer hardware and Software) & related Business Processes (Manual or Automated) Relevant to pecuniary Reporting & Communications i. Revenue, Production, Expenditure, HR, Industry Specific, G /L Financial 4. concur Activities- policies and procedures that help to fasten that managements directions are carried out i. Automated or Manual ii. exploit Review: period course of study vs. Prior Year, Current Year vs. Budget iii.

Information Processing check up ons a) General moderates- Applicable to all systems (change control and security access) b) lotion regards- specific to system iv. Physical Controls- Access to Area, clip measure v. Segregation of Duties 5. Monitoring Controls * All Internal Control Systems wishing to be Documented thro ugh: * 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 bear sure operating appropriately| Use substantive procedures as main testing source| If Good, can reduce moreover NOT eliminate substantive testing| Still theme to document...If you want to get a full essay, order it on our website: BestEssayCheap.com

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