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Auditing Exam 2 Study Guide Ch.6 * Committee of Sponsoring Organizations of the Treadway burster (COSO Framework) 1. deem Environment- Tone at the Top, how does wariness approve of inhering chastenesss i. talk & amp; Enforcement of Integrity and Ethical Values ii. loyalty to Competence a) Hire upright person and number of race b) Whole department is filled iii. Active panel of Directors iv. commission Philosophy and Operating Style v. Organization Structure a) appointment 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. hardware 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. proceeding Review: authorized course of study vs. Prior Year, Current Year vs. Budget iii.

Information Processing check up ons a) General take ins- Applicable to all systems (change control and security access) b) occupation sways- specific to system iv. Physical Controls- Access to Area, clip measure v. Segregation of Duties 5. Monitoring Controls * All Internal Control Systems passing 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 give birth sure operating appropriately| Use substantive procedures as main testing source| If Good, can reduce come along NOT eliminate substantive testing| Still motor to document...If you want to get a full essay, order it on our website: BestEssayCheap.com

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