State the factors of tests of controls, Financial Management

Assignment Help:

State the factors of Tests of controls

Tests of controls may include

· Enquiriesand observationscorroborating internal control functions.

  • Inspection of documents evidencing operation of an internal control, for instance a transaction has been authorised.
  • Examination of evidenceof management reviews, for illustration minutes of management meetings at which financial results are reviewed and corrective action decided on.
  • Re-performanceof control procedures, for instance reconciliation of bank accounts, to ensure they were correctly performed by entity.

· Testing of the internal controlsoperating on specific computerised applications or over the overall IT function, for instance access or program change controls.

 

 


Related Discussions:- State the factors of tests of controls

Implications of gordon’s fundamental valuation, Q. Implications of Gordons ...

Q. Implications of Gordons fundamental valuation? Explanation: - The implications of Gordon's fundamental valuation may be as below: (1) While the rate of return of the firm

Cost-volume-profit analysis, Cost-Volume-Profit Analysis The Cost-Volum...

Cost-Volume-Profit Analysis The Cost-Volume-Profit (CVP) analysis provides answers to vital questions such as: At what sales volume would the firm break-even? How sensitive is

MM., What are the assumptions of MM(Modigliani Miller) approach?

What are the assumptions of MM(Modigliani Miller) approach?

What are financial markets, What are financial markets? Why do they exist? ...

What are financial markets? Why do they exist? Ans: Financial markets are in which financial securities are bought and sold.  They be present primarily to bring deficit economi

Budget, what are the advantages and disadvantages of incremental budgeting?...

what are the advantages and disadvantages of incremental budgeting?

Why is the coefficient of variation a better risk measure, Why is the coeff...

Why is the coefficient of variation a better risk measure to use than the standard deviation when evaluating the risk of capital budgeting projects? The coefficient of variatio

Describe a.i.g''s business model and structure, A.I.G. is often called the ...

A.I.G. is often called the largest insurance entity in the world. A.I.G.'s total assets were $860 billion on 12/31/2008 (dwarfing any other insurance entity) with 116,000 employees

Valuation using multiple discount rates, We have seen computation of presen...

We have seen computation of present value using single discount rate. But the right way to value a cash flow of a bond is to use multiple discount rates, i.e valuing th

Chain index numbers, Chain Index Numbers So far, we have constructed in...

Chain Index Numbers So far, we have constructed index numbers with a fixed base. Sometimes, comparison between the current/given year and the base year becomes meaningless once

Valuation models, V aluation Models A valuation model defines the e...

V aluation Models A valuation model defines the exercise of applying financial and economic principles to estimate the value of an asset. Discounted cash flow valuation mod

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