AUD 3 - INTERNAL CONTROL Flashcards
1
Q
What are the 5 components of internal control
A
- Control Environment
- Risk Assessment
- Control Activities
- Info and Communication
- Monitoring
CRCIM
2
Q
What are the factors that make up the control environment?
A
CHOPPER
- Commitment to competence
- Human resource policies and practices
- Org Chart/structure
- Participation of those charged with governance (the board)
- Philosophy of management
- Ethical values and integrity
- Responsibility assignment
3
Q
What are the factors that make up the control activities?
A
PIPS
- Performance review
- Information processing
- Physical controls
- Segregation of duties**
**ARCC
4
Q
What are the factors that make up the segregation of duties?
A
ARCC
- Authorization of transactions
- Recording (posting) of transactions
- Custody of assets
- Comparisiongs
