AUD 3 Internal Control 12 - Operating / Revenue Cycle Flashcards
Operating Cycles and the Flow of Transactions
An auditor divides the audit down into different cycles that make up the flow of transactions for the entire company.
Operating Cycles and the Flow of Transactions
An auditor divides the audit down into different cycles that make up the flow of transactions for the entire company.
Operating Cycles and the Flow of Transactions
An auditor divides the au___ down into different cycles that make up the flow of transactions for the entire company.
Operating Cycles and the Flow of Transactions
An auditor divides the audit down into different cycles that make up the flow of transactions for the entire company.
Operating Cycles and the Flow of Transactions
An auditor divides the audit down into different cy___s that make up the flow of transactions for the entire company.
Operating Cycles and the Flow of Transactions
An auditor divides the audit down into different cycles that make up the flow of transactions for the entire company.
Operating Cycles and the Flow of Transactions
An auditor divides the audit down into different cycles that make up the f___ of transactions for the entire company.
Operating Cycles and the Flow of Transactions
An auditor divides the audit down into different cycles that make up the flow of transactions for the entire company.
Operating Cycles and the Flow of Transactions
An auditor divides the audit down into different cycles that make up the flow of tran________s for the entire company.
Operating Cycles and the Flow of Transactions
An auditor divides the audit down into different cycles that make up the flow of transactions for the entire company.
Operating Cycles and the Flow of Transactions
An auditor divides the audit down into different cycles that make up the flow of transactions for the entire company.
All related accounts within each cycle are au___ed together.
Operating Cycles and the Flow of Transactions
An auditor divides the audit down into different cycles that make up the flow of transactions for the entire company.
All related accounts within each cycle are audited together.
Operating Cycles and the Flow of Transactions
An auditor divides the audit down into different cycles that make up the flow of transactions for the entire company.
All re___ed accounts within each cycle are audited together.
Operating Cycles and the Flow of Transactions
An auditor divides the audit down into different cycles that make up the flow of transactions for the entire company.
All related accounts within each cycle are audited together.
Operating Cycles and the Flow of Transactions
An auditor divides the audit down into different cycles that make up the flow of transactions for the entire company.
All related accounts within each cy___ are audited together.
Operating Cycles and the Flow of Transactions
An auditor divides the audit down into different cycles that make up the flow of transactions for the entire company.
All related accounts within each cycle are audited together.
Operating Cycles and the Flow of Transactions
An auditor divides the audit down into different cycles that make up the flow of transactions for the entire company.
All related accounts with__ each cycle are audited together.
Operating Cycles and the Flow of Transactions
An auditor divides the audit down into different cycles that make up the flow of transactions for the entire company.
All related accounts within each cycle are audited together.
Operating Cycles and the Flow of Transactions
An auditor divides the audit down into different cycles that make up the flow of transactions for the entire company.
All related accounts within each cycle are audited toge____.
Operating Cycles and the Flow of Transactions
An auditor divides the audit down into different cycles that make up the flow of transactions for the entire company.
All related accounts within each cycle are audited together.
Operating Cycles and the Flow of Transactions
An auditor divides the audit down into different cycles that make up the flow of transactions for the entire company.
All related accounts within each cycle are audited together.
Within each cy___, the auditor is concerned with
Operating Cycles and the Flow of Transactions
An auditor divides the audit down into different cycles that make up the flow of transactions for the entire company.
All related accounts within each cycle are audited together.
Within each cycle, the auditor is concerned with
Operating Cycles and the Flow of Transactions
An auditor divides the audit down into different cycles that make up the flow of transactions for the entire company.
All related accounts within each cycle are audited together.
Within each cycle, the auditor is con____ed with
Operating Cycles and the Flow of Transactions
An auditor divides the audit down into different cycles that make up the flow of transactions for the entire company.
All related accounts within each cycle are audited together.
Within each cycle, the auditor is concerned with
Operating Cycles and the Flow of Transactions
Within ea__ cycle, the auditor is concerned with
what each specific employee does,
Operating Cycles and the Flow of Transactions
Within each cycle, the auditor is concerned with
what each specific employee does,
Operating Cycles and the Flow of Transactions
Within each cycle, the auditor is concerned with
what each specific em____ee does,
Operating Cycles and the Flow of Transactions
Within each cycle, the auditor is concerned with
what each specific employee does,
Operating Cycles and the Flow of Transactions
Within each cycle, the auditor is concerned with
what each specific employee does,
the doc______s they handle
Operating Cycles and the Flow of Transactions
Within each cycle, the auditor is concerned with
what each specific employee does,
the documents they handle
Operating Cycles and the Flow of Transactions
Within each cycle, the auditor is concerned with
what each specific employee does,
the documents they han___
Operating Cycles and the Flow of Transactions
Within each cycle, the auditor is concerned with
what each specific employee does,
the documents they handle
Operating Cycles and the Flow of Transactions
Within each cycle, the auditor is concerned with
what each specific employee does,
the documents they handle
and how each document re___es to the segregation of ARCC’S
Operating Cycles and the Flow of Transactions
Within each cycle, the auditor is concerned with
what each specific employee does,
the documents they handle
and how each document relates to the segregation of ARCC’S
Operating Cycles and the Flow of Transactions
Within each cycle, the auditor is concerned with
what each specific employee does,
the documents they handle
and how each do______ relates to the segregation of ARCC’S
Operating Cycles and the Flow of Transactions
Within each cycle, the auditor is concerned with
what each specific employee does,
the documents they handle
and how each document relates to the segregation of ARCC’S
Operating Cycles and the Flow of Transactions
Within each cycle, the auditor is concerned with
what each specific employee does,
the documents they handle
and how each document relates to the segregation of ARCC’S (Authorization, Recording, Custody and Comparison).
Operating Cycles and the Flow of Transactions
Within each cycle, the auditor is concerned with
what each specific employee does,
the documents they handle
and how each document relates to the segregation of ARCC’S (Authorization, Recording, Custody and Comparison).
ARCC = Authorization, Recording, Custody and Comparison
Operating Cycles and the Flow of Transactions
ARCC = Authorization, Recording, Custody and Comparison
ARCC =
- Authorization,
- Recording,
- Custody
- Comparison
Operating Cycles and the Flow of Transactions
ARCC = Authorization, Recording, Custody and Comparison
ARCC =
- Aut________,
- Recording,
- Custody
- Comparison
Operating Cycles and the Flow of Transactions
ARCC = Authorization, Recording, Custody and Comparison
ARCC =
- Authorization,
- Rec______,
- Custody
- Comparison
Operating Cycles and the Flow of Transactions
ARCC = Authorization, Recording, Custody and Comparison
ARCC =
- Authorization,
- Recording,
- Cus____
- Comparison
Operating Cycles and the Flow of Transactions
ARCC = Authorization, Recording, Custody and Comparison
ARCC =
- Authorization,
- Recording,
- Custody
- Com________
Operating Cycles and the Flow of Transactions
ARCC = Authorization, Recording, Custody and Comparison
ARCC =
- Auth________,
- Rec_______,
- Custody
- Comparison
ARCC =
- Authorization,
- Recording,
- Custody
- Comparison
ARCC =
- Authorization,
- Recording,
- Cus____
- Comp______
ARCC =
- Authorization,
- Recording,
- Custody
- Comparison
ARCC =
- Auth________,
- Rec_______,
- Cus____
- Comp______
ARCC =
- Authorization,
- Recording,
- Custody
- Comparison
ARCC =
ARCC =
- Authorization,
- Recording,
- Custody
- Comparison
Operating Cycles and the Flow of Transactions
An auditor divides the audit down into different cycles that make up the flow of transactions for the entire company.
All related accounts within each cycle are audited together.
Within each cycle, the auditor is concerned with
what each specific employee does,
the documents they handle and
how each document relates to the segr_________ of ARCC’S (Authorization, Recording, Custody and Comparison).
Operating Cycles and the Flow of Transactions
An auditor divides the audit down into different cycles that make up the flow of transactions for the entire company.
All related accounts within each cycle are audited together.
Within each cycle, the auditor is concerned with
what each specific employee does,
the documents they handle and
how each document relates to the segregation of ARCC’S (Authorization, Recording, Custody and Comparison).
Operating Cycles and the Flow of Transactions
An auditor divides the audit down into different cycles that make up the flow of transactions for the entire company.
All related accounts within each cycle are audited together.
Within each cycle, the auditor is concerned with
what each specific employee does,
the documents they handle and
how each document relates to the segregation of A____’S (Authorization, Recording, Custody and Comparison).
Operating Cycles and the Flow of Transactions
An auditor divides the audit down into different cycles that make up the flow of transactions for the entire company.
All related accounts within each cycle are audited together.
Within each cycle, the auditor is concerned with
what each specific employee does,
the documents they handle and
how each document relates to the segregation of ARCC’S (Authorization, Recording, Custody and Comparison).
Operating Cycles and the Flow of Transactions
An auditor divides the audit down into different cycles that make up the flow of transactions for the entire company.
All related accounts within each cycle are audited together.
Within each cycle, the auditor is concerned with
what each specific employee does,
the documents they handle and
how each document relates to the segregation of ARCC’S (Authorization, Recording, Custody and Comparison).
Operating Cycles and the Flow of Transactions
An auditor divides the audit down into different cycles that make up the flow of transactions for the entire company.
All related accounts within each cycle are audited together.
Within each cycle, the auditor is concerned with
what each specific employee does,
the documents they handle and
how each document relates to the segregation of ARCC’S (Authorization, Recording, Custody and Comparison).
Operating Cycles and the Flow of Transactions
Within each cycle, the auditor is concerned with
what each specific employee does,
the documents they handle and
how each document relates to the segregation of ARCC’S (Authorization, Recording, Custody and Comparison).
Con____s have a function of either Preventing misstatements before they occur
Operating Cycles and the Flow of Transactions
Within each cycle, the auditor is concerned with
what each specific employee does,
the documents they handle and
how each document relates to the segregation of ARCC’S (Authorization, Recording, Custody and Comparison).
Controls have a function of either Preventing misstatements before they occur (most effective)
Operating Cycles and the Flow of Transactions
Controls have a function of either Pre____ing misstatements before they occur (most effective)
Operating Cycles and the Flow of Transactions
Controls have a function of either Preventing misstatements before they occur (most effective)
Operating Cycles and the Flow of Transactions
Controls have a function of either Preventing misstatements be____ they occur (most effective)
Operating Cycles and the Flow of Transactions
Controls have a function of either Preventing misstatements before they occur (most effective)
Operating Cycles and the Flow of Transactions
Controls have a function of either Preventing misstatements before they oc___ (most effective)
Operating Cycles and the Flow of Transactions
Controls have a function of either Preventing misstatements before they occur (most effective)
Operating Cycles and the Flow of Transactions
Controls have a function of either Preventing misstatements before they occur (most effe_____)
Operating Cycles and the Flow of Transactions
Controls have a function of either Preventing misstatements before they occur (most effective)
Operating Cycles and the Flow of Transactions
Controls have a function of either Preventing misstatements before they occur (most effective)
or Det____ng and Correcting misstatements
Operating Cycles and the Flow of Transactions
Controls have a function of either Preventing misstatements before they occur (most effective)
or Detecting and Correcting misstatements
Operating Cycles and the Flow of Transactions
Controls have a function of either Preventing misstatements before they occur (most effective)
or Detecting and Cor____ing misstatements
Operating Cycles and the Flow of Transactions
Controls have a function of either Preventing misstatements before they occur (most effective)
or Detecting and Correcting misstatements
Operating Cycles and the Flow of Transactions
Controls have a function of either Preventing misstatements before they occur (most effective)
or Detecting and Correcting misstatements that have already occ____d
Operating Cycles and the Flow of Transactions
Controls have a function of either Preventing misstatements before they occur (most effective)
or Detecting and Correcting misstatements that have already occurred
Operating Cycles and the Flow of Transactions
Controls have a function of either Preventing misstatements before they occur (most effective)
or Detecting and Correcting misstatements that have a____dy occurred
(less expensive to implement, but could detect too late).
Operating Cycles and the Flow of Transactions
Controls have a function of either Preventing misstatements before they occur (most effective)
or Detecting and Correcting misstatements that have already occurred
(less expensive to implement, but could detect too late).
Operating Cycles and the Flow of Transactions
Controls have a function of either Preventing misstatements before they occur (most effective)
or Detecting and Correcting misstatements that have already occurred
(le__ expensive to implement, but could detect too late).
Operating Cycles and the Flow of Transactions
Controls have a function of either Preventing misstatements before they occur (most effective)
or Detecting and Correcting misstatements that have already occurred
(less expensive to implement, but could detect too late).
Operating Cycles and the Flow of Transactions
Controls have a function of either Preventing misstatements before they occur (most effective)
or Detecting and Correcting misstatements that have already occurred
(less expen____ to implement, but could detect too late).
Operating Cycles and the Flow of Transactions
Controls have a function of either Preventing misstatements before they occur (most effective)
or Detecting and Correcting misstatements that have already occurred
(less expensive to implement, but could detect too late).
Operating Cycles and the Flow of Transactions
Controls have a function of either Preventing misstatements before they occur (most effective)
or Detecting and Correcting misstatements that have already occurred
(less expensive to implement, but could de____ too late).
Operating Cycles and the Flow of Transactions
Controls have a function of either Preventing misstatements before they occur (most effective)
or Detecting and Correcting misstatements that have already occurred
(less expensive to implement, but could detect too late).
Operating Cycles and the Flow of Transactions
Controls have a function of either Preventing misstatements before they occur (most effective)
or Detecting and Correcting misstatements that have already occurred
(less expensive to implement, but could detect too la__).
Operating Cycles and the Flow of Transactions
Controls have a function of either Preventing misstatements before they occur (most effective)
or Detecting and Correcting misstatements that have already occurred
(less expensive to implement, but could detect too late).
Operating Cycles and the Flow of Transactions
Controls have a function of
either Preventing misstatements before they occur (most effective)
or Detecting and Correcting misstatements that have already occurred (less expensive to implement, but could detect too late).
Operating Cycles and the Flow of Transactions
Controls have a function of
either Preventing misstatements before they occur (most effective)
or Detecting and Correcting misstatements that have already occurred (less expensive to implement, but could detect too late).
Operating Cycles and the Flow of Transactions
An auditor divides the audit down into different cycles that make up the flow of transactions for the entire company.
All related accounts within each cycle are audited together.
Within each cycle, the auditor is concerned with what each specific employee does, the documents they handle and how each document relates to the segregation of ARCC’S (Authorization, Recording, Custody and Comparison).
Controls have a function of either Preventing misstatements before they occur (most effective)
or Detecting and Correcting misstatements that have already occurred (less expensive to implement, but could detect too late).
Operating Cycles and the Flow of Transactions
An auditor divides the audit down into different cycles that make up the flow of transactions for the entire company.
All related accounts within each cycle are audited together.
Within each cycle, the auditor is concerned with what each specific employee does, the documents they handle and how each document relates to the segregation of ARCC’S (Authorization, Recording, Custody and Comparison).
Controls have a function of either Preventing misstatements before they occur (most effective)
or Detecting and Correcting misstatements that have already occurred (less expensive to implement, but could detect too late).
Operating Cycles and the Flow of Transactions
In obtaining an unde______ding of an entity’s internal control,
Operating Cycles and the Flow of Transactions
In obtaining an understanding of an entity’s internal control,
Operating Cycles and the Flow of Transactions
In obtaining an understanding of an entity’s internal control,
the auditor will id____ify the different types of transactions or events
Operating Cycles and the Flow of Transactions
In obtaining an understanding of an entity’s internal control,
the auditor will identify the different types of transactions or events
Operating Cycles and the Flow of Transactions
In obtaining an understanding of an entity’s internal control,
the auditor will identify the different t___s of transactions or events
Operating Cycles and the Flow of Transactions
In obtaining an understanding of an entity’s internal control,
the auditor will identify the different types of transactions or events
Operating Cycles and the Flow of Transactions
In obtaining an understanding of an entity’s internal control,
the auditor will identify the different types of transactions or ev___s
Operating Cycles and the Flow of Transactions
In obtaining an understanding of an entity’s internal control,
the auditor will identify the different types of transactions or events
Operating Cycles and the Flow of Transactions
In obtaining an understanding of an entity’s internal control,
the auditor will identify the different types of transactions or events
that occur on an on__ing basis
Operating Cycles and the Flow of Transactions
In obtaining an understanding of an entity’s internal control,
the auditor will identify the different types of transactions or events
that occur on an ongoing basis
Operating Cycles and the Flow of Transactions
In obtaining an understanding of an entity’s internal control,
the auditor will identify the different types of transactions or events
that occur on an ongoing basis and
that af____ the entity’s operations or its financial position.
Operating Cycles and the Flow of Transactions
In obtaining an understanding of an entity’s internal control,
the auditor will identify the different types of transactions or events
that occur on an ongoing basis and
that affect the entity’s operations or its financial position.
Operating Cycles and the Flow of Transactions
In obtaining an understanding of an entity’s internal control,
the auditor will identify the different types of transactions or events
that occur on an ongoing basis and
that affect the entity’s ope_______s or its financial position.
Operating Cycles and the Flow of Transactions
In obtaining an understanding of an entity’s internal control,
the auditor will identify the different types of transactions or events
that occur on an ongoing basis and
that affect the entity’s operations or its financial position.
Operating Cycles and the Flow of Transactions
In obtaining an understanding of an entity’s internal control,
the auditor will identify the different types of transactions or events
that occur on an ongoing basis and
that affect the entity’s operations or its fin______ position.
Operating Cycles and the Flow of Transactions
In obtaining an understanding of an entity’s internal control,
the auditor will identify the different types of transactions or events
that occur on an ongoing basis and
that affect the entity’s operations or its financial position.
Operating Cycles and the Flow of Transactions
In obtaining an understanding of an entity’s internal control,
the auditor will identify the different types of tran_______s or events
that occur on an ongoing basis and
that affect the entity’s operations or its financial position.
Operating Cycles and the Flow of Transactions
In obtaining an understanding of an entity’s internal control,
the auditor will identify the different types of transactions or events
that occur on an ongoing basis and
that affect the entity’s operations or its financial position.
Operating Cycles and the Flow of Transactions
In obtaining an understanding of an entity’s internal control, the auditor will identify the different types of transactions or events that occur on an ongoing basis and that affect the entity’s operations or its financial position.
The auditor will then ob____ an understanding of various components
Operating Cycles and the Flow of Transactions
In obtaining an understanding of an entity’s internal control, the auditor will identify the different types of transactions or events that occur on an ongoing basis and that affect the entity’s operations or its financial position.
The auditor will then obtain an understanding of various components
Operating Cycles and the Flow of Transactions
In obtaining an understanding of an entity’s internal control, the auditor will identify the different types of transactions or events that occur on an ongoing basis and that affect the entity’s operations or its financial position.
The auditor will then obtain an understanding of various components and in particular:
• (Start) Initiation • Authorization • Completion or execution • Recording • (Evaluate Defenses) Verifications
It should be easy to remember that a good system of internal control is SACRED to a business.
Operating Cycles and the Flow of Transactions
In obtaining an understanding of an entity’s internal control, the auditor will identify the different types of transactions or events that occur on an ongoing basis and that affect the entity’s operations or its financial position.
The auditor will then obtain an understanding of various components and in particular:
• (Start) Initiation • Authorization • Completion or execution • Recording • (Evaluate Defenses) Verifications
It should be easy to remember that a good system of internal control is SACRED to a business.
Operating Cycles and the Flow of Transactions
In obtaining an understanding of an entity’s internal control, the auditor will identify the different types of transactions or events that occur on an ongoing basis and that affect the entity’s operations or its financial position.
The auditor will then obtain an understanding of various components and in particular:
• (St\_\_\_) Initiation • Authorization • Completion or execution • Recording • (Evaluate Defenses) Verifications
It should be easy to remember that a good system of internal control is SACRED to a business.
Operating Cycles and the Flow of Transactions
In obtaining an understanding of an entity’s internal control, the auditor will identify the different types of transactions or events that occur on an ongoing basis and that affect the entity’s operations or its financial position.
The auditor will then obtain an understanding of various components and in particular:
• (Start) Initiation • Authorization • Completion or execution • Recording • (Evaluate Defenses) Verifications
It should be easy to remember that a good system of internal control is SACRED to a business.
Operating Cycles and the Flow of Transactions
In obtaining an understanding of an entity’s internal control, the auditor will identify the different types of transactions or events that occur on an ongoing basis and that affect the entity’s operations or its financial position.
The auditor will then obtain an understanding of various components and in particular:
• (Start) Initiation • Auth\_\_\_\_\_\_ • Completion or execution • Recording • (Evaluate Defenses) Verifications
It should be easy to remember that a good system of internal control is SACRED to a business.
Operating Cycles and the Flow of Transactions
In obtaining an understanding of an entity’s internal control, the auditor will identify the different types of transactions or events that occur on an ongoing basis and that affect the entity’s operations or its financial position.
The auditor will then obtain an understanding of various components and in particular:
• (Start) Initiation • Authorization • Completion or execution • Recording • (Evaluate Defenses) Verifications
It should be easy to remember that a good system of internal control is SACRED to a business.
Operating Cycles and the Flow of Transactions
In obtaining an understanding of an entity’s internal control, the auditor will identify the different types of transactions or events that occur on an ongoing basis and that affect the entity’s operations or its financial position.
The auditor will then obtain an understanding of various components and in particular:
• (Start) Initiation • Authorization • Comp\_\_\_\_\_\_ or execution • Recording • (Evaluate Defenses) Verifications
It should be easy to remember that a good system of internal control is SACRED to a business.
Operating Cycles and the Flow of Transactions
In obtaining an understanding of an entity’s internal control, the auditor will identify the different types of transactions or events that occur on an ongoing basis and that affect the entity’s operations or its financial position.
The auditor will then obtain an understanding of various components and in particular:
• (Start) Initiation • Authorization • Completion or execution • Recording • (Evaluate Defenses) Verifications
It should be easy to remember that a good system of internal control is SACRED to a business.
Operating Cycles and the Flow of Transactions
The auditor will then obtain an understanding of various components and in particular:
• (Start) Initiation • Authorization • Completion or execution • Reco\_\_\_\_\_ • (Evaluate Defenses) Verifications
It should be easy to remember that a good system of internal control is SACRED to a business.
Operating Cycles and the Flow of Transactions
The auditor will then obtain an understanding of various components and in particular:
• (Start) Initiation • Authorization • Completion or execution • Recording • (Evaluate Defenses) Verifications
It should be easy to remember that a good system of internal control is SACRED to a business.
Operating Cycles and the Flow of Transactions
The auditor will then obtain an understanding of various components and in particular:
• (Start) Initiation • Authorization • Completion or execution • Recording • (Eva\_\_\_\_\_ Defenses) Verifications
It should be easy to remember that a good system of internal control is SACRED to a business.
Operating Cycles and the Flow of Transactions
The auditor will then obtain an understanding of various components and in particular:
• (Start) Initiation • Authorization • Completion or execution • Recording • (Evaluate Defenses) Verifications
It should be easy to remember that a good system of internal control is SACRED to a business.
Operating Cycles and the Flow of Transactions
The auditor will then obtain an understanding of various components and in particular:
• (Start) Initiation • Authorization • Completion or execution • Recording • (Evaluate Def\_\_\_\_\_\_) Verifications
It should be easy to remember that a good system of internal control is SACRED to a business.
Operating Cycles and the Flow of Transactions
The auditor will then obtain an understanding of various components and in particular:
• (Start) Initiation • Authorization • Completion or execution • Recording • (Evaluate Defenses) Verifications
It should be easy to remember that a good system of internal control is SACRED to a business.
Operating Cycles and the Flow of Transactions
The auditor will then obtain an understanding of various components and in particular:
• (Start) Initiation • Authorization • Completion or execution • Recording • (Evaluate Defenses) Verifications
It should be easy to remember that a g__d system of internal control is SACRED to a business.
Operating Cycles and the Flow of Transactions
The auditor will then obtain an understanding of various components and in particular:
• (Start) Initiation • Authorization • Completion or execution • Recording • (Evaluate Defenses) Verifications
It should be easy to remember that a good system of internal control is SACRED to a business.
It should be easy to remember that a good system of internal con____ is SACRED to a business.
Operating Cycles and the Flow of Transactions
It should be easy to remember that a good system of internal control is SACRED to a business.
It should be easy to remember that a good system of internal control is SA_____ to a business.
Operating Cycles and the Flow of Transactions
It should be easy to remember that a good system of internal control is SACRED to a business.
It should be easy to remember that a good system of inte____ control is SACRED to a business.
Operating Cycles and the Flow of Transactions
It should be easy to remember that a good system of internal control is SACRED to a business.
It should be easy to remember that a good system of internal control is SA__ED to a business.
Operating Cycles and the Flow of Transactions
It should be easy to remember that a good system of internal control is SACRED to a business.
It should be easy to remember that a good system of internal control is __CRED to a business.
Operating Cycles and the Flow of Transactions
It should be easy to remember that a good system of internal control is SACRED to a business.
It should be easy to remember that a good sys___ of internal control is SACRED to a business.
Operating Cycles and the Flow of Transactions
It should be easy to remember that a good system of internal control is SACRED to a business.
It should be easy to remember that a good system of internal control is SA___D to a business.
Operating Cycles and the Flow of Transactions
It should be easy to remember that a good system of internal control is SACRED to a business.
It should be easy to remember that a good system of internal control is S__RED to a business.
Operating Cycles and the Flow of Transactions
It should be easy to remember that a good system of internal control is SACRED to a business.
Operating Cycles and the Flow of Transactions
The auditor will then obtain an understanding of various com_______s and in particular:
• (Start) Initiation • Authorization • Completion or execution • Recording • (Evaluate Defenses) Verifications
It should be easy to remember that a good system of internal control is SACRED to a business.
Operating Cycles and the Flow of Transactions
The auditor will then obtain an understanding of various components and in particular:
• (Start) Initiation • Authorization • Completion or execution • Recording • (Evaluate Defenses) Verifications
It should be easy to remember that a good system of internal control is SACRED to a business.
Operating Cycles and the Flow of Transactions
The auditor will then obtain an understanding of various components and in particular:
• (S\_\_\_\_) Initiation • A\_\_\_\_\_\_\_\_\_\_ • C\_\_\_\_\_\_\_\_ or execution • Recording • (Evaluate Defenses) Verifications
It should be easy to remember that a good system of internal control is SACRED to a business.
Operating Cycles and the Flow of Transactions
The auditor will then obtain an understanding of various components and in particular:
• (Start) Initiation • Authorization • Completion or execution • Recording • (Evaluate Defenses) Verifications
It should be easy to remember that a good system of internal control is SACRED to a business.
Operating Cycles and the Flow of Transactions
The auditor will then obtain an understanding of various components and in particular:
• (Start) Initiation • Authorization • Completion or execution • R\_\_\_\_\_\_\_\_ • (E\_\_\_\_\_\_\_\_ D\_\_\_\_\_\_\_\_\_) Verifications
It should be easy to remember that a good system of internal control is SACRED to a business.
Operating Cycles and the Flow of Transactions
The auditor will then obtain an understanding of various components and in particular:
• (Start) Initiation • Authorization • Completion or execution • Recording • (Evaluate Defenses) Verifications
It should be easy to remember that a good system of internal control is SACRED to a business.
Operating Cycles and the Flow of Transactions
The auditor will then obtain an understanding of various components and in particular:
• (S\_\_\_\_) Initiation • A\_\_\_\_\_\_\_\_\_\_ • C\_\_\_\_\_\_\_\_ or execution • R\_\_\_\_\_\_\_\_ • (E\_\_\_\_\_\_\_\_ D\_\_\_\_\_\_\_\_\_) Verifications
It should be easy to remember that a good system of internal control is SACRED to a business.
Operating Cycles and the Flow of Transactions
The auditor will then obtain an understanding of various components and in particular:
• (Start) Initiation • Authorization • Completion or execution • Recording • (Evaluate Defenses) Verifications
It should be easy to remember that a good system of internal control is SACRED to a business.
Operating Cycles and the Flow of Transactions
The auditor will then obtain an understanding of various components and in particular:
• (Start) Ini\_\_\_\_\_\_ • Authorization • Completion or exe\_\_\_\_\_\_ • Recording • (Evaluate Defenses) Verifications
It should be easy to remember that a good system of internal control is SACRED to a business.
Operating Cycles and the Flow of Transactions
The auditor will then obtain an understanding of various components and in particular:
• (Start) Initiation • Authorization • Completion or execution • Recording • (Evaluate Defenses) Verifications
It should be easy to remember that a good system of internal control is SACRED to a business.
Operating Cycles and the Flow of Transactions
The auditor will then obtain an understanding of various components and in particular:
• (Start) Initiation • Authorization • Completion or execution • Recording • (Evaluate Defenses) Ver\_\_\_\_\_\_\_\_
It should be easy to remember that a good system of internal control is SACRED to a business.
Operating Cycles and the Flow of Transactions
The auditor will then obtain an understanding of various components and in particular:
• (Start) Initiation • Authorization • Completion or execution • Recording • (Evaluate Defenses) Verifications
It should be easy to remember that a good system of internal control is SACRED to a business.
Operating Cycles and the Flow of Transactions
The auditor will then obtain an understanding of va____s components and in particular: (SACRED)
• (Start) Initiation • Authorization • Completion or execution • Recording • (Evaluate Defenses) Verifications
It should be easy to remember that a good system of internal control is SACRED to a business.
Operating Cycles and the Flow of Transactions
The auditor will then obtain an understanding of various components and in particular: (SACRED)
• (Start) Initiation • Authorization • Completion or execution • Recording • (Evaluate Defenses) Verifications
It should be easy to remember that a good system of internal control is SACRED to a business.
Operating Cycles and the Flow of Transactions
In obtaining an understanding of an entity’s internal control, the auditor will identify the different types of transactions or events that occur on an ongoing basis and that affect the entity’s operations or its financial position.
The auditor will then obtain an understanding of various components and in particular:
• (Start) Initiation • Authorization • Completion or execution • Recording • (Evaluate Defenses) Verifications
It should be easy to remember that a good system of internal control is SACRED to a business.
Operating Cycles and the Flow of Transactions
In obtaining an understanding of an entity’s internal control, the auditor will identify the different types of transactions or events that occur on an ongoing basis and that affect the entity’s operations or its financial position.
The auditor will then obtain an understanding of various components and in particular:
• (Start) Initiation • Authorization • Completion or execution • Recording • (Evaluate Defenses) Verifications
It should be easy to remember that a good system of internal control is SACRED to a business.
Operating Cycles and the Flow of Transactions
The auditor will then obtain an understanding of various components and in particular: (SACRED)
• (Start) Initiation • Authorization • Completion or execution • Recording • (Evaluate Defenses) Verifications
• (Start) Initiation
– The auditor should det________ what event or circumstance initiates a transaction.
Operating Cycles and the Flow of Transactions
The auditor will then obtain an understanding of various components and in particular: (SACRED)
• (Start) Initiation • Authorization • Completion or execution • Recording • (Evaluate Defenses) Verifications
• (Start) Initiation
– The auditor should determine what event or circumstance initiates a transaction.
Operating Cycles and the Flow of Transactions
The auditor will then obtain an understanding of various components and in particular: (SACRED)
• (Start) Initiation • Authorization • Completion or execution • Recording • (Evaluate Defenses) Verifications
• (Start) Initiation
– The auditor should determine what ev___ or circumstance initiates a transaction.
Operating Cycles and the Flow of Transactions
The auditor will then obtain an understanding of various components and in particular: (SACRED)
• (Start) Initiation • Authorization • Completion or execution • Recording • (Evaluate Defenses) Verifications
• (Start) Initiation
– The auditor should determine what event or circumstance initiates a transaction.
Operating Cycles and the Flow of Transactions
• (Start) Initiation
– The auditor should determine what event or circumstance ini______s a transaction.
Operating Cycles and the Flow of Transactions
• (Start) Initiation
– The auditor should determine what event or circumstance initiates a transaction.
Operating Cycles and the Flow of Transactions
• (Start) Initiation
– The auditor should determine what event or circu_______ initiates a transaction.
Operating Cycles and the Flow of Transactions
• (Start) Initiation
– The auditor should determine what event or circumstance initiates a transaction.
Operating Cycles and the Flow of Transactions
• (Start) Initiation
– The auditor should determine what event or circumstance initiates a transaction.
Sales tran_______s, for example,
may be initiated when the entity’s sales force make calls to their regular customers
Operating Cycles and the Flow of Transactions
• (Start) Initiation
– The auditor should determine what event or circumstance initiates a transaction.
Sales transactions, for example,
may be initiated when the entity’s sales force make calls to their regular customers
Operating Cycles and the Flow of Transactions
• (Start) Initiation
– The auditor should determine what event or circumstance initiates a transaction.
Sales transactions, for example,
may be in______ed when the entity’s sales force make calls to their regular customers
Operating Cycles and the Flow of Transactions
• (Start) Initiation
– The auditor should determine what event or circumstance initiates a transaction.
Sales transactions, for example,
may be initiated when the entity’s sales force make calls to their regular customers
Operating Cycles and the Flow of Transactions
• (Start) Initiation
– The auditor should determine what event or circumstance initiates a transaction.
Sales transactions, for example,
may be initiated when the entity’s sales force make c___s to their regular customers
Operating Cycles and the Flow of Transactions
• (Start) Initiation
– The auditor should determine what event or circumstance initiates a transaction.
Sales transactions, for example,
may be initiated when the entity’s sales force make calls to their regular customers
Operating Cycles and the Flow of Transactions
• (Start) Initiation
– The auditor should determine what event or circumstance initiates a transaction.
Sales transactions, for example,
may be initiated when the entity’s sales force make calls to their regular customers
or when cust____s call in orders as they identify their needs.
Operating Cycles and the Flow of Transactions
• (Start) Initiation
– The auditor should determine what event or circumstance initiates a transaction.
Sales transactions, for example,
may be initiated when the entity’s sales force make calls to their regular customers
or when customers call in orders as they identify their needs.
Operating Cycles and the Flow of Transactions
• (Start) Initi____)
– The auditor should determine what event or circumstance initiates a transaction.
Sales transactions, for example,
may be initiated when the entity’s sales force make calls to their regular customers
or when customers call in orders as they identify their needs.
Operating Cycles and the Flow of Transactions
• (Start) Initiation
– The auditor should determine what event or circumstance initiates a transaction.
Sales transactions, for example,
may be initiated when the entity’s sales force make calls to their regular customers
or when customers call in orders as they identify their needs.
Operating Cycles and the Flow of Transactions
The auditor will then obtain an understanding of various components and in particular: (SACRED)
• (Start) Initiation • Authorization • Completion or execution • Recording • (Evaluate Defenses) Verifications
• Authorization
– Before an entity will com___ resources to meet its obligations in a transaction
or to respond to an event or circumstance,
Operating Cycles and the Flow of Transactions
The auditor will then obtain an understanding of various components and in particular: (SACRED)
• (Start) Initiation • Authorization • Completion or execution • Recording • (Evaluate Defenses) Verifications
• Authorization
– Before an entity will commit resources to meet its obligations in a transaction
or to respond to an event or circumstance,
Operating Cycles and the Flow of Transactions
The auditor will then obtain an understanding of various components and in particular: (SACRED)
• (Start) Initiation • Authorization • Completion or execution • Recording • (Evaluate Defenses) Verifications
• Authorization
– Before an en___y will commit resources to meet its obligations in a transaction
or to respond to an event or circumstance,
Operating Cycles and the Flow of Transactions
The auditor will then obtain an understanding of various components and in particular: (SACRED)
• (Start) Initiation • Authorization • Completion or execution • Recording • (Evaluate Defenses) Verifications
• Authorization
– Before an entity will commit resources to meet its obligations in a transaction
or to respond to an event or circumstance,
Operating Cycles and the Flow of Transactions
• Authorization
– Before an entity will commit resources to meet its obli______s in a transaction
or to respond to an event or circumstance,
Operating Cycles and the Flow of Transactions
• Authorization
– Before an entity will commit resources to meet its obligations in a transaction
or to respond to an event or circumstance,
Operating Cycles and the Flow of Transactions
• Authorization
– Before an entity will commit resources to meet its obligations in a transaction or to re______ to an event or circumstance,
Operating Cycles and the Flow of Transactions
• Authorization
– Before an entity will commit resources to meet its obligations in a transaction or to respond to an event or circumstance,
Operating Cycles and the Flow of Transactions
• Authorization
– Before an entity will commit resources to meet its obligations in a transaction or to respond to an ev___ or circumstance,
Operating Cycles and the Flow of Transactions
• Authorization
– Before an entity will commit resources to meet its obligations in a transaction or to respond to an event or circumstance,
Operating Cycles and the Flow of Transactions
• Authorization
– Before an entity will commit resources to meet its obligations in a transaction or to respond to an event or circumstance,
it will want to dete_______ that the counterparty to the transaction is a legitimate party
Operating Cycles and the Flow of Transactions
• Authorization
– Before an entity will commit resources to meet its obligations in a transaction or to respond to an event or circumstance,
it will want to determine that the counterparty to the transaction is a legitimate party
Operating Cycles and the Flow of Transactions
• Authorization
– Before an entity will commit resources to meet its obligations in a transaction or to respond to an event or circumstance,
it will want to determine that the counterparty to the trans_______ is a legitimate party
Operating Cycles and the Flow of Transactions
• Authorization
– Before an entity will commit resources to meet its obligations in a transaction or to respond to an event or circumstance,
it will want to determine that the counterparty to the transaction is a legitimate party
Operating Cycles and the Flow of Transactions
• Authorization
– Before an entity will commit resources to meet its obligations in a transaction or to respond to an event or circumstance,
it will want to determine that the counterparty to the transaction is a legiti_____ party
with the intent and ability to perform or that the event or circumstance is real.
Operating Cycles and the Flow of Transactions
• Authorization
– Before an entity will commit resources to meet its obligations in a transaction or to respond to an event or circumstance,
it will want to determine that the counterparty to the transaction is a legitimate party
with the intent and ability to perform or that the event or circumstance is real.
Operating Cycles and the Flow of Transactions
• Authorization
– Before an entity will commit resources to meet its obligations in a transaction or to respond to an event or circumstance,
it will want to determine that the counterparty to the transaction is a legitimate party
with the in____ and ability to perform or that the event or circumstance is real.
Operating Cycles and the Flow of Transactions
• Authorization
– Before an entity will commit resources to meet its obligations in a transaction or to respond to an event or circumstance,
it will want to determine that the counterparty to the transaction is a legitimate party
with the intent and ability to perform or that the event or circumstance is real.
Operating Cycles and the Flow of Transactions
• Authorization
– Before an entity will commit resources to meet its obligations in a transaction or to respond to an event or circumstance,
it will want to determine that the counterparty to the transaction is a legitimate party
with the intent and ab_____ to perform or that the event or circumstance is real.
Operating Cycles and the Flow of Transactions
• Authorization
– Before an entity will commit resources to meet its obligations in a transaction or to respond to an event or circumstance,
it will want to determine that the counterparty to the transaction is a legitimate party
with the intent and ability to perform or that the event or circumstance is real.
Operating Cycles and the Flow of Transactions
• Authorization
– Before an entity will commit resources to meet its obligations in a transaction or to respond to an event or circumstance,
it will want to determine that the counterparty to the transaction is a legitimate party
with the intent and ability to perform or that the ev___ or circumstance is real.
Operating Cycles and the Flow of Transactions
• Authorization
– Before an entity will commit resources to meet its obligations in a transaction or to respond to an event or circumstance,
it will want to determine that the counterparty to the transaction is a legitimate party
with the intent and ability to perform or that the event or circumstance is real.
Operating Cycles and the Flow of Transactions
• Authorization
– Before an entity will commit resources to meet its obligations in a transaction or to respond to an event or circumstance,
it will want to determine that the counterparty to the transaction is a legitimate party
with the intent and ability to perform or that the event or circumstance is re__.
Operating Cycles and the Flow of Transactions
• Authorization
– Before an entity will commit resources to meet its obligations in a transaction or to respond to an event or circumstance,
it will want to determine that the counterparty to the transaction is a legitimate party
with the intent and ability to perform or that the event or circumstance is real.
Operating Cycles and the Flow of Transactions
• Authorization
– Be____ an entity will commit resources to meet its obligations in a transaction or to respond to an event or circumstance,
it will want to determine that the counterparty to the transaction is a legitimate party with the intent and ability to perform or that the event or circumstance is real.
Operating Cycles and the Flow of Transactions
• Authorization
– Before an entity will commit resources to meet its obligations in a transaction or to respond to an event or circumstance,
it will want to determine that the counterparty to the transaction is a legitimate party with the intent and ability to perform or that the event or circumstance is real.
Operating Cycles and the Flow of Transactions
• Authorization
– Before an entity will commit res______s to meet its obligations in a transaction or to respond to an event or circumstance,
it will want to determine that the counterparty to the transaction is a legitimate party with the intent and ability to perform or that the event or circumstance is real.
Operating Cycles and the Flow of Transactions
• Authorization
– Before an entity will commit resources to meet its obligations in a transaction or to respond to an event or circumstance,
it will want to determine that the counterparty to the transaction is a legitimate party with the intent and ability to perform or that the event or circumstance is real.
Operating Cycles and the Flow of Transactions
The auditor will then obtain an understanding of various components and in particular: (SACRED)
• (Start) Initiation • Authorization • Completion or execution • Recording • (Evaluate Defenses) Verifications
• Completion or execution
– The entity should have pol___es and procedures to make certain that
Operating Cycles and the Flow of Transactions
The auditor will then obtain an understanding of various components and in particular: (SACRED)
• (Start) Initiation • Authorization • Completion or execution • Recording • (Evaluate Defenses) Verifications
• Completion or execution
– The entity should have policies and procedures to make certain that
Operating Cycles and the Flow of Transactions
The auditor will then obtain an understanding of various components and in particular: (SACRED)
• (Start) Initiation • Authorization • Completion or execution • Recording • (Evaluate Defenses) Verifications
• Completion or execution
– The entity should have policies and proc____es to make certain that
Operating Cycles and the Flow of Transactions
The auditor will then obtain an understanding of various components and in particular: (SACRED)
• (Start) Initiation • Authorization • Completion or execution • Recording • (Evaluate Defenses) Verifications
• Completion or execution
– The entity should have policies and procedures to make certain that
Operating Cycles and the Flow of Transactions
• Completion or execution
– The entity should have policies and procedures to make cer____ that
its obligations in transactions and its responses to recurring events
Operating Cycles and the Flow of Transactions
• Completion or execution
– The entity should have policies and procedures to make certain that
its obligations in transactions and its responses to recurring events
Operating Cycles and the Flow of Transactions
• Completion or execution
– The entity should have policies and procedures to make certain that
its obli_______s in transactions and its responses to recurring events
Operating Cycles and the Flow of Transactions
• Completion or execution
– The entity should have policies and procedures to make certain that
its obligations in transactions and its responses to recurring events
Operating Cycles and the Flow of Transactions
• Completion or execution
– The entity should have policies and procedures to make certain that
its obligations in transactions and its res_______es to recurring events
Operating Cycles and the Flow of Transactions
• Completion or execution
– The entity should have policies and procedures to make certain that
its obligations in transactions and its responses to recurring events
Operating Cycles and the Flow of Transactions
• Completion or execution
– The entity should have policies and procedures to make certain that
its obligations in transactions and its responses to re____ing events and circumstances
are being performed in accordance with management’s directives.
Operating Cycles and the Flow of Transactions
• Completion or execution
– The entity should have policies and procedures to make certain that
its obligations in transactions and its responses to recurring events and circumstances
are being performed in accordance with management’s directives.
Operating Cycles and the Flow of Transactions
• Completion or execution
– The entity should have policies and procedures to make certain that
its obligations in transactions and its responses to recurring events and circumstances
are being per____ed in accordance with management’s directives.
Operating Cycles and the Flow of Transactions
• Completion or execution
– The entity should have policies and procedures to make certain that
its obligations in transactions and its responses to recurring events and circumstances
are being performed in accordance with management’s directives.
Operating Cycles and the Flow of Transactions
• Completion or execution
– The entity should have policies and procedures to make certain that
its obligations in transactions and its responses to recurring events and circumstances
are being performed in accordance with m__________’s directives.
This will include the flow of documents, services, goods, and other resources throughout the system.
Operating Cycles and the Flow of Transactions
• Completion or execution
– The entity should have policies and procedures to make certain that
its obligations in transactions and its responses to recurring events and circumstances
are being performed in accordance with management’s directives.
This will include the flow of documents, services, goods, and other resources throughout the system.
Operating Cycles and the Flow of Transactions
• Completion or execution
– The entity should have policies and procedures to make certain that
its obligations in transactions and its responses to recurring events and circumstances
are being performed in accordance with management’s directives.
This will include the f___ of documents, services, goods, and other resources throughout the system.
Operating Cycles and the Flow of Transactions
• Completion or execution
– The entity should have policies and procedures to make certain that
its obligations in transactions and its responses to recurring events and circumstances
are being performed in accordance with management’s directives.
This will include the flow of documents, services, goods, and other resources throughout the system.
Operating Cycles and the Flow of Transactions
The auditor will then obtain an understanding of various components and in particular: (SACRED)
• (Start) Initiation • Authorization • Completion or execution • Recording • (Evaluate Defenses) Verifications
• Recording
– The entity should have a sys___ for making certain that
Operating Cycles and the Flow of Transactions
The auditor will then obtain an understanding of various components and in particular: (SACRED)
• (Start) Initiation • Authorization • Completion or execution • Recording • (Evaluate Defenses) Verifications
• Recording
– The entity should have a system for making certain that
Operating Cycles and the Flow of Transactions
The auditor will then obtain an understanding of various components and in particular: (SACRED)
• (Start) Initiation • Authorization • Completion or execution • Recording • (Evaluate Defenses) Verifications
• Recording
– The e____y should have a system for making certain that
Operating Cycles and the Flow of Transactions
The auditor will then obtain an understanding of various components and in particular: (SACRED)
• (Start) Initiation • Authorization • Completion or execution • Recording • (Evaluate Defenses) Verifications
• Recording
– The entity should have a system for making certain that
Operating Cycles and the Flow of Transactions
• Recording
– The entity should have a system for making certain that
all tran______s, events, or circumstances that affect operations or financial position
Operating Cycles and the Flow of Transactions
• Recording
– The entity should have a system for making certain that
all transactions, events, or circumstances that affect operations or financial position
Operating Cycles and the Flow of Transactions
• Recording
– The entity should have a system for making certain that
a___ transactions, events, or circumstances that affect operations or financial position
Operating Cycles and the Flow of Transactions
• Recording
– The entity should have a system for making certain that
all transactions, events, or circumstances that affect operations or financial position
Operating Cycles and the Flow of Transactions
• Recording
– The entity should have a system for making certain that
all transactions, events, or circumstances that aff____ operations or financial position
Operating Cycles and the Flow of Transactions
• Recording
– The entity should have a system for making certain that
all transactions, events, or circumstances that affect operations or financial position
Operating Cycles and the Flow of Transactions
• Recording
– The entity should have a system for making certain that
all transactions, events, or circumstances that affect ope_______s or financial position
are properly captured and reflected in the entity’s financial records.
Operating Cycles and the Flow of Transactions
• Recording
– The entity should have a system for making certain that
all transactions, events, or circumstances that affect operations or financial position
are properly captured and reflected in the entity’s financial records.
Operating Cycles and the Flow of Transactions
• Recording
– The entity should have a system for making certain that
all transactions, events, or circumstances that affect operations or financial position
are properly ca_____ed and reflected in the entity’s financial records.
Operating Cycles and the Flow of Transactions
• Recording
– The entity should have a system for making certain that
all transactions, events, or circumstances that affect operations or financial position
are properly captured and reflected in the entity’s financial records.
Operating Cycles and the Flow of Transactions
• Recording
– The entity should have a system for making certain that
all transactions, events, or circumstances that affect operations or financial position
are properly captured and ref____ed in the entity’s financial records.
Operating Cycles and the Flow of Transactions
• Recording
– The entity should have a system for making certain that
all transactions, events, or circumstances that affect operations or financial position
are properly captured and reflected in the entity’s financial records.
Operating Cycles and the Flow of Transactions
• Recording
– The entity should have a system for making certain that
all transactions, events, or circumstances that affect operations or financial position
are properly captured and reflected in the entity’s financial re____s.
Operating Cycles and the Flow of Transactions
• Recording
– The entity should have a system for making certain that
all transactions, events, or circumstances that affect operations or financial position
are properly captured and reflected in the entity’s financial records.
Operating Cycles and the Flow of Transactions
• Re____ing
– The entity should have a system for making certain that
all transactions, events, or circumstances that affect operations or financial position
are properly captured and reflected in the entity’s financial records.
Operating Cycles and the Flow of Transactions
• Recording
– The entity should have a system for making certain that
all transactions, events, or circumstances that affect operations or financial position
are properly captured and reflected in the entity’s financial records.
Operating Cycles and the Flow of Transactions
The auditor will then obtain an understanding of various components and in particular: (SACRED)
• (Start) Initiation • Authorization • Completion or execution • Recording • (Evaluate Defenses) Verifications
• (Evaluate Defenses) Verifications
– Each sys___ should have checks and balances to make certain that each function within the system is performed properly and in the appropriate sequence.
Operating Cycles and the Flow of Transactions
The auditor will then obtain an understanding of various components and in particular: (SACRED)
• (Start) Initiation • Authorization • Completion or execution • Recording • (Evaluate Defenses) Verifications
• (Evaluate Defenses) Verifications
– Each system should have checks and balances to make certain that each function within the system is performed properly and in the appropriate sequence.
Operating Cycles and the Flow of Transactions
The auditor will then obtain an understanding of various components and in particular: (SACRED)
• (Start) Initiation • Authorization • Completion or execution • Recording • (Evaluate Defenses) Verifications
• (Evaluate Defenses) Verifications
– Each system should have ch___s and balances to make certain that each function within the system is performed properly and in the appropriate sequence.
Operating Cycles and the Flow of Transactions
The auditor will then obtain an understanding of various components and in particular: (SACRED)
• (Start) Initiation • Authorization • Completion or execution • Recording • (Evaluate Defenses) Verifications
• (Evaluate Defenses) Verifications
– Each system should have checks and balances to make certain that each function within the system is performed properly and in the appropriate sequence.
Operating Cycles and the Flow of Transactions
• (Evaluate Defenses) Verifications
– Each system should have checks and ba_____s to make certain that each function within the system is performed properly and in the appropriate sequence.
Operating Cycles and the Flow of Transactions
• (Evaluate Defenses) Verifications
– Each system should have checks and balances to make certain that each function within the system is performed properly and in the appropriate sequence.
Operating Cycles and the Flow of Transactions
• (Evaluate Defenses) Verifications
– Each system should have checks and balances to make certain that e__h function within the system is performed properly and in the appropriate sequence.
Operating Cycles and the Flow of Transactions
• (Evaluate Defenses) Verifications
– Each system should have checks and balances to make certain that each function within the system is performed properly and in the appropriate sequence.
Operating Cycles and the Flow of Transactions
• (Evaluate Defenses) Verifications
– Each system should have checks and balances to make certain that each function with__ the system is performed properly and in the appropriate sequence.
Operating Cycles and the Flow of Transactions
• (Evaluate Defenses) Verifications
– Each system should have checks and balances to make certain that each function within the system is performed properly and in the appropriate sequence.
Operating Cycles and the Flow of Transactions
• (Evaluate Defenses) Verifications
– Each system should have checks and balances to make certain that each function within the system is performed pro___ly and in the appropriate sequence.
Operating Cycles and the Flow of Transactions
• (Evaluate Defenses) Verifications
– Each system should have checks and balances to make certain that each function within the system is performed properly and in the appropriate sequence.
Operating Cycles and the Flow of Transactions
• (Evaluate Defenses) Verifications
– Each system should have checks and balances to make certain that each function within the system is performed properly and in the appr_______ sequence.
Operating Cycles and the Flow of Transactions
• (Evaluate Defenses) Verifications
– Each system should have checks and balances to make certain that each function within the system is performed properly and in the appropriate sequence.
Operating Cycles and the Flow of Transactions
• (Evaluate Defenses) Verifications
– Each system should have checks and balances to make certain that each function within the system is performed properly and in the appropriate seq______.
This may involve policies such as
Operating Cycles and the Flow of Transactions
• (Evaluate Defenses) Verifications
– Each system should have checks and balances to make certain that each function within the system is performed properly and in the appropriate sequence.
This may involve policies such as
Operating Cycles and the Flow of Transactions
• (Evaluate Defenses) Verifications
– Each system should have checks and balances to make certain that each function within the system is performed properly and in the appropriate sequence.
This may involve po____es such as
those requiring the shipping department to compare a customer’s purchase order with an internal sales order
Operating Cycles and the Flow of Transactions
• (Evaluate Defenses) Verifications
– Each system should have checks and balances to make certain that each function within the system is performed properly and in the appropriate sequence.
This may involve policies such as
those requiring the shipping department to compare a customer’s purchase order with an internal sales order
Operating Cycles and the Flow of Transactions
• (Evaluate Defenses) Verifications
– Each system should have checks and balances to make certain that each function within the system is performed properly and in the appropriate sequence.
This may involve policies such as
those requiring the shipping department to com____ a customer’s purchase order with an internal sales order
Operating Cycles and the Flow of Transactions
• (Evaluate Defenses) Verifications
– Each system should have checks and balances to make certain that each function within the system is performed properly and in the appropriate sequence.
This may involve policies such as
those requiring the shipping department to compare a customer’s purchase order with an internal sales order
Operating Cycles and the Flow of Transactions
• (Evaluate Defenses) Verifications
– Each system should have checks and balances to make certain that each function within the system is performed properly and in the appropriate sequence.
This may involve policies such as
those requiring the shipping department to compare a customer’s purc____ order with an internal sales order
Operating Cycles and the Flow of Transactions
• (Evaluate Defenses) Verifications
– Each system should have checks and balances to make certain that each function within the system is performed properly and in the appropriate sequence.
This may involve policies such as
those requiring the shipping department to compare a customer’s purchase order with an internal sales order
Operating Cycles and the Flow of Transactions
• (Evaluate Defenses) Verifications
– Each system should have checks and balances to make certain that each function within the system is performed properly and in the appropriate sequence.
This may involve policies such as
those requiring the shipping department to compare a customer’s purchase order with an int______ sales order
Operating Cycles and the Flow of Transactions
• (Evaluate Defenses) Verifications
– Each system should have checks and balances to make certain that each function within the system is performed properly and in the appropriate sequence.
This may involve policies such as
those requiring the shipping department to compare a customer’s purchase order with an internal sales order
Operating Cycles and the Flow of Transactions
• (Evaluate Defenses) Verifications
– Each system should have checks and balances to make certain that each function within the system is performed properly and in the appropriate sequence.
This may involve policies such as
those requiring the shipping department to compare a customer’s purchase order with an internal sales order
and to a li__ of goods transferred from stores before shipping the goods.
Operating Cycles and the Flow of Transactions
• (Evaluate Defenses) Verifications
– Each system should have checks and balances to make certain that each function within the system is performed properly and in the appropriate sequence.
This may involve policies such as
those requiring the shipping department to compare a customer’s purchase order with an internal sales order
and to a list of goods transferred from stores before shipping the goods.
Operating Cycles and the Flow of Transactions
• (Evaluate Defenses) Verifications
– Each system should have checks and balances to make certain that each function within the system is performed properly and in the appropriate sequence.
This may involve policies such as
those requiring the shipping department to compare a customer’s purchase order with an internal sales order
and to a list of goods tran_____ed from stores before shipping the goods.
Operating Cycles and the Flow of Transactions
• (Evaluate Defenses) Verifications
– Each system should have checks and balances to make certain that each function within the system is performed properly and in the appropriate sequence.
This may involve policies such as
those requiring the shipping department to compare a customer’s purchase order with an internal sales order
and to a list of goods transferred from stores before shipping the goods.
Operating Cycles and the Flow of Transactions
• (Evaluate Defenses) Verifications
– Each system should have checks and balances to make certain that each function within the system is performed properly and in the appropriate sequence.
This may involve policies such as
those requiring the shipping department to compare a customer’s purchase order with an internal sales order
and to a list of goods transferred from stores bef___ shipping the goods.
Operating Cycles and the Flow of Transactions
• (Evaluate Defenses) Verifications
– Each system should have checks and balances to make certain that each function within the system is performed properly and in the appropriate sequence.
This may involve policies such as
those requiring the shipping department to compare a customer’s purchase order with an internal sales order
and to a list of goods transferred from stores before shipping the goods.
Operating Cycles and the Flow of Transactions
• (Evaluate Defenses) Verifications
– Each system should have checks and balances to make certain that each function within the system is performed properly and in the appropriate sequence.
This may involve policies such as
those requiring the shipping department to compare a customer’s purchase order with an internal sales order
and to a list of goods transferred from stores before shipping the goods.
It may also involve
acc_______ing for the sequence of pre-numbered documents,
Operating Cycles and the Flow of Transactions
• (Evaluate Defenses) Verifications
– Each system should have checks and balances to make certain that each function within the system is performed properly and in the appropriate sequence.
This may involve policies such as
those requiring the shipping department to compare a customer’s purchase order with an internal sales order
and to a list of goods transferred from stores before shipping the goods.
It may also involve
accounting for the sequence of pre-numbered documents,
Operating Cycles and the Flow of Transactions
• (Evaluate Defenses) Verifications
– Each system should have checks and balances to make certain that each function within the system is performed properly and in the appropriate sequence.
It may also involve
accounting for the seq_______ of pre-numbered documents,
checking for authoritative signatures,
or periodically reconciling recorded amounts to physical assets.
Operating Cycles and the Flow of Transactions
• (Evaluate Defenses) Verifications
– Each system should have checks and balances to make certain that each function within the system is performed properly and in the appropriate sequence.
It may also involve
accounting for the sequence of pre-numbered documents,
checking for authoritative signatures,
or periodically reconciling recorded amounts to physical assets.
