Major components of internal control system

Assignment Help Financial Accounting

Reference no: EM133209466

Question 1. Define the term "internal control" and identify the major components of an internal control system.

Question 2. The auditor identifies four phases or steps in the control risk assessment procedure. Phase I involves obtaining an understanding of the internal control structure. Identify at least four methods the auditor might use in gathering the information and briefly describe each one.

Question 3. Auditors must document their understanding and evaluation of the internal control system. Identify and briefly describe the three most commonly used methods for such documentation.

Question 4. Discuss the impact of control risk assessment on an audit of the financial statements.

Reference no: EM133209466

Questions Cloud

Straight-line depreciation method : If Woodstock uses the straight-line depreciation method, which of the following statements is incorrect?

Multiple potential issues in performance of roles : Accountants fulfill various roles in business and industry and they face multiple potential issues in performance of their roles.

Main source of either increase or decrease : Identify if they have an increase or decrease in cash for the most current year listed. Then identify the main source of either the increase or decrease.

Dividend paying stock and provide current stock price : Choose a dividend paying stock and provide the current stock price, the yearly dividend, and the dividend yield;

Major components of internal control system : Define the term "internal control" and identify the major components of an internal control system.

Interviewing for administrative position : Assume that you are interviewing for an administrative position at the organization. What is the greatest challenge you have faced at work?

Why auditor may choose not to stand for reelection : Demonstrate four possible reasons why an auditor may choose not to stand for reelection.

Interviewing for administrative position : Assume that you are interviewing for an administrative position at the organization. Describe your level of competency with computers

Advisory consulting engagement to identify control weakness : You are an internal auditor conducting an advisory consulting engagement to identify control weakness.

User Account

All Pages