Explain the checklists -documenting the accounting system, Financial Management

Assignment Help:

Checklists or questionnaires

Audit firm will have a standard list of control questions. Audit staff can quickly ascertain which if any, are in operation by the client. There are two kinds; the internal control questionnaire (ICQ) and internal control evaluation questionnaire (ICEQ). ICQ's are designed to assess whether a control exists whereas ICEQ's are designed to assess whether frauds or errors are possible.


Advantages

Comprehensive as narrative and should therefore cover all controls

Standerd questionnaires with a little tailoring for the specific business

easy to amend and update

easy to delegate

highlight key features and controls

good for preliminary assessment of controls


Disadvantages

Is not visual or diagram based and not easy to quickly understand

client are able to mislead on the effectiveness of controls

controls operated by client may not be identified because of standerdiezed questionnaire

may contain large number of irrelevent controls

 


Related Discussions:- Explain the checklists -documenting the accounting system

Lockbox system, how do we compute for benefits can derrive out of using loc...

how do we compute for benefits can derrive out of using lockbox system?

Mortgage-backed bonds, Unlike the mortgage pass-through securities, t...

Unlike the mortgage pass-through securities, the mortgage-backed bonds are debt obligations of the mortgage originator. Every issue of such bonds should be backed

Profit and loss statement, Profit and Loss statement:   The Profit and L...

Profit and Loss statement:   The Profit and Loss statement is the primary measure of business performance.  As the name suggests, this particular report measure whether the b

Working capital, discuss the applicability of an operating cycle considerin...

discuss the applicability of an operating cycle considering broilers?

Measurement of interest rate risk, Changes in the bond value is inversely ...

Changes in the bond value is inversely related to the change in the interest rates. If an investor holds a long bond position, he would incur loss if the in

Operating cycle., operating cycle in vegetable growing business in uganda.....

operating cycle in vegetable growing business in uganda..

What is acquisition, Acquisition (takeover) or merger A merger is the s...

Acquisition (takeover) or merger A merger is the synergy or combination of two companies which are roughly equal in size by consensus of two organisations. A takeover is where

Development of the market - t-bills, Development of the Market Until 19...

Development of the Market Until 1950s, T-Bills were issued by both the Central and State Governments and from 1950s, it is only the Central Government that is issuing Treasury

Monthly cash flow, I need to prepare a monthly cash flow for a company with...

I need to prepare a monthly cash flow for a company with the given information, and need to comment on the current performance and the future sales increment. Then we need to find

Explain taxonomy of financial intermediaries, Taxonomy of financial interme...

Taxonomy of financial intermediaries We start by looking at the USA, the largest economy and financial system in the world. Subsequently we will turn to other countries. In the

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd