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Unit 3 - Coggle Diagram
Unit 3
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Internal Controls, control objectives and test of controls in the cycle
Internal Controls
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Examples include documentation requirements, authorization procedures, segregation of duties, physical controls, etc.
Test of Controls
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Testing methods include inspection (for documents), observation (for processes), and inquiry (about controls/policies).
Tests are performed on a sample of documentation or processes, not all.
Control Objectives
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Examples include validity, completeness, accuracy, authorization, etc.
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Substantive testing
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Substantive Testing
Aim to provide evidence that financial statements and supporting documentation are free from material errors.
Focus on assertions of existence, completeness, rights and obligations, accuracy and valuation, cut off, and presentation and disclosure.
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