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Nature of Internal Auditing (COSO framework & IC process (human…
Nature of Internal Auditing
The importance of Internal Control
internal control
common factors
responsibility of management
implemented
action taken
objectives
reporting objectives
reliability
internal & external reporting
financial reporting
compliance objectives
laws
regulations
contracts
operational objectives
operations
assets safeguarded
financial information
COSO framework & IC process
organisational structure
organisational structure
functions
centrallised
decentralised
reporting relationships
direct
matrix organisations
grouping of activities
major approach
functions
product
georgaphy
functional approach
production
marketing
personnel
finance
form & nature
management functions
business units
reporting relationships
communication methods
factors of communication
organisational policy
conflicts of interest
acceptable practices
code of conduct
responsibility & delegation
goals & objectives
operating functions
regulatory requirements
job descriptions
duties
reporting relationships
constraints
system documentation
authorising transaction
approving system changes
types of methods
policies & procedures
formal organisational plans
job description
code of conduct
organisational chart
philosophy & style
management style
characteristics
approach to risk
taking
monitoring
attitudes & actions
financial reporting
emphasis
achieving profits
operating goals
meeting budget
integrity & ethics
convey message
communicate organisations value
act on violations
management principles
organising
delegation
decentralisation
committees
authority
structures
responsibility
directing
leadership
motivation
communication
controlling
criteria
planning
specific role
risk factors
person decision-making
aggressive management
high turnover
aggressive approach
poor reputation
excessive emphasis
part of remuneration
pressure on management
future existance
human resources management
rotations of duties
combat fraud
great caution
increase explosure
career path
clear possibilities
create promotions
personnel scheduling
updated scheduling
prevent little/ much workload
prevent double bookings
formalisation of practices
acceptable & unacceptable practice
formal documents
personnel aware intolerance
appointment & evaluation
periodic evaluation
process
opportunities for training
evaluation process
follow reference
conduct interview
aptitude test
psychological control
management
psychological well-being
aspects
overall atmosphere
risk assessment
management's responsibility
analyse risk
control risk
measure risk
identity risk
managements choice
address risk
design internal controls
mitigate risks
accept risk
no action to mitigate
resource constraints
control activities
classification of IC activities
detective controls
measure effectiveness of preventative control
detect uncontrollable errors
corrective control
keep surveillance
overtake improper results
preventative controls
segregation of duties
proper authorisation
appoint trustworthy personnel
physical control of assets
adequate documation
type of IC activities
segregation of duties
recording transactions
executing transactions
authorising transactions
authorisation of transactions
general authorisation
specific authorisation
safeguarding of assest
limited access
precautions
physically protected
independent check
careful & continuous
review
adequate documents and records
different parties
different documents
transmit information
source documents
information & communication
captured
communicated
suitable form& time
responsibilities
identified
monitoring
assessing quality & performance
risk assessment & IC activities
responsibility for internal control
responsibility of management
design & implements IC & funcitioning
effective
adequate
responsibility of external auditor
evaluation & financial statements
examines controls of afs
financial statements
express opinion
responsibility of internal auditing
risk-based approach
controls of risk
identification of risk
evaluation of IC
advantages and limitations of internal controls
advantages of internal control
promote reliable financial reporting
compliance with legislation & regulations
prevent resource losses
prevent reputation becoming tarnished
achieve goals
limitations of internal control
ensure organisation's success
government policy
economic factors
identify weakness
financial reporting and legislation & regulations
collusion
ability to override
errors
limited by available
faulty judgement
time
labour
control in an information technology environment
general controls
system documentation
system development
standard operating
hardware and software
organisational controls
security control
application controls
specific sofrware