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Understanding the entity and its environment (KOB) ISA315 entity-logo-800…
Understanding the entity and its environment (KOB) ISA315
WHAT?
INTERNAL CONTROL SYSTEM
SELECTION AND APPLICATION OF ACCOUNTING POILCY
REGULATORY REQUIREMENTS
OBJECTIVE AND STRATEGIES OF BUSINESS RISK
NATURE OF ENTITY
MEASUREMENT AND REVIEW OF FINANCIAL PERFORMANCE
HOW?
ENQUIRY
INSPECT DOCUMENTS
OBSERVATION
PRIOR PERIOD KNOWLEGE
CLIENTS ACCEPTANCE
INFO FROM OTHER ENGAGEMENT
ANALYTICAL PROCEDURE(RATIO)
WHY?
IDENTIFY RISK
PLAN AUDIT PROCEDURE
EXERCISE AUDIT JUDGEMENT
RELIANCE ON INTERNAL CONTROL
