Requirement for obtaining understanding of internal controls

Assignment Help Operation Management

Reference no: EM132193107

Every firm has its approach for understanding a client’s internal control structure. Some firms use a standardized internal control questionnaire to evaluate controls that are in place whereas other firms do not rely on internal controls at all and plan their audits as if there are no controls in place or consider them as not effective.

Assume you are training a new team of auditors for your CPA firm. Prepare a PowerPoint presentation to present the pros and cons of each approach. Then, select the approach that your firm uses (that is, the approach you think is best) and explain why. Include the following components in your presentation:

What effect, if any, does the size of the organization have on the decision?

What are the auditing standard requirements for obtaining an understanding of internal controls?

What are the differences, if any, in understanding internal controls for a public company versus a non-public company?

Reference no: EM132193107

Questions Cloud

Several customers have complained about too many green ones : Several customers have complained about "too many green ones" in the package. what kind of quality measure should be used in constructing the control chart(s)?

Research on various generalized audit software programs : Conduct research on various generalized audit software programs that are currently available.

Decisions for the collective while respecting the individual : Organizations are now facing the challenge of finding that balancing act between making decisions for the collective while respecting the individual.

Critically thought out using emotional intelligence : Critically thought out using emotional intelligence, or radically creating a decision with no merit.

Requirement for obtaining understanding of internal controls : What are the auditing standard requirements for obtaining an understanding of internal controls?

Identify the steps involved in the decision-making process : Identify the steps involved in the decision-making process. What would be your major approach to individual decision-making? Why?

Types of groups and teams operating within organizations : List and briefly explain each: Identify different types of groups and teams operating within organizations.

How does incoterm and routing support your risk strategy : Write the full Incoterm you will quote for this logistics movement, and explain why you chose it. How does this Incoterm and routing support your risk strategy

What are the various steps in the communication process : What are the various steps in the communication process between formal and informal communication in organizations?

User Account

All Pages