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THE NATURE OF INTERNAL AUDIT WORK chapter 5 (COSO framework and process…
THE NATURE OF INTERNAL AUDIT WORK chapter 5
COSO framework and process
Monitoring
assess and monitoring of structure control
Information and communication
Need for information to be captured for effective communication
Control activities
Preventive control
Detective control
Corrective control
Risk assessments
identify and control the risk
address risk identified
design a control structure
Control environment
fundemental manangent principle framwork
Planning
Organizing
Direction
Controling
Responsibilities of control
Internal Auditors function
assess effectiveness of control structure
achieve engagement objectives
alert of weakness in control
Responsibility of managemet
delegate responsibility
Accountability
design control structure
objectives of internal control
External Auditors function
Evaluate structure
express opinion of reliability of financial reports
Achieve organisational objectives
Advantages and limitations if internal control
Advantages
prevent resources loss
reliability of financial statements
compliance with laws
prevent threats
attiring goals
Limitations
Ensure Organisation success
Reliability of financial reporting
Control in the IT enviroment
General control
Standard operating procedures for system
system documentation control
software control
security control
Organisational controls
Application control
ensure completness
validity of data captured
Edit checks
accuracy
compliance with contron
GRO FRAMEWORK
Governance
Risk
Control
Objectives of internal control
operational objective
reliability of financial information
effectiveness of operations
safekeeping of assets
Compliance objective
compliance with the laws
Reporting objective
reliability timeliness
internal and external reporting
financial and non-financial reporting