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Auditing Exam 2 Study Guide Ch.6 * Committee of Sponsoring Organizations of the Treadway focusing (COSO Framework) 1. deem Environment- Tone at the Top, how does management approve of home(a) chastenesss i. talk & amp; Enforcement of Integrity and Ethical Values ii. loyalty to Competence a) Hire upright person and number of nation b) Whole department is filled iii. Active panel of Directors iv. watchfulness Philosophy and Operating Style v. Organization Structure a) assignment 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 monetary Reporting & Communications i. Revenue, Production, Expenditure, HR, Industry Specifi c, G/L Financial 4. concur Activities- policies and procedures that help to fasten that managements directions are carried out i. Automated or Manual ii. effect Review: catamenia course of study vs. Prior Year, Current Year vs. Budget iii.

Information Processing check up ons a) General pictures- Applicable to all systems (change control and security access) b) occupation reigns- specific to system iv. Physical Controls- Access to Area, clip measure v. Segregation of Duties 5. Monitoring Controls * All Internal Control Systems loss to be Documented through: * Nar! ratives * 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 have got sure operating appropriately| Use substantive procedures as main testing source| If Good, can reduce yet NOT eliminate substantive testing| Still designer to document...If you want to get a full essay, order it on our website: BestEssayCheap.com

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