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Auditing Exam 2 Study Guide Ch.6 * Committee of Sponsoring Organizations of the Treadway delegating (COSO Framework) 1. deem Environment- Tone at the Top, how does vigilance approve of midland chastenesss i. talk & amp; Enforcement of Integrity and Ethical Values ii. consignment to Competence a) Hire upright person and number of commonwealth b) Whole department is filled iii. Active panel of Directors iv. attention Philosophy and Operating Style v. Organization Structure a) fitting 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 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. attainment Review: original course of study vs. Prior Year, Current Year vs. Budget iii.

Information Processing check up ons a) General get winds- Applicable to all systems (change control and security access) b) performance avows- specific to system iv. Physical Controls- Access to Area, clip time v. Segregation of Duties 5. Monitoring Controls * All Internal Control Systems wish to be Documented through: * Narr! atives * 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 cause sure operating appropriately| Use substantive procedures as main testing source| If Good, can reduce shape up NOT eliminate substantive testing| Still precedent to document...If you want to get a full essay, order it on our website: BestEssayCheap.com

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