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AUD 3 Internal Control 8 Flashcards

1
Q

Elements of Internal Control: (CRIME)

  1. Control Environment (CHOPPER)
  2. Risk Assessment
  3. Control Activities
  4. Information and Communication
  5. Monitoring

or

5 components of internal control
(CRIME)

  • Control activities
  • Risk assessment
  • Information and communication
  • Monitoring
  • Control Environment

The mnemonic CRIME reminds management that it would be a crime not to consider all of the internal control elements when designing the system.

A

Elements of Internal Control: (CRIME)

  1. Control Environment (CHOPPER)
  2. Risk Assessment
  3. Control Activities
  4. Information and Communication
  5. Monitoring

or

5 components of internal control
(CRIME)

  • Control activities
  • Risk assessment
  • Information and communication
  • Monitoring
  • Control Environment

The mnemonic CRIME reminds management that it would be a crime not to consider all of the internal control elements when designing the system.

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2
Q

Elements of Internal Control: (CRIME)

• I = Information and Communication

The info________ and communication component of internal control relates to the flow of information to and from the entity as well as within the entity.

A

Elements of Internal Control: (CRIME)

• I = Information and Communication

The information and communication component of internal control relates to the flow of information to and from the entity as well as within the entity.

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3
Q

Elements of Internal Control: (CRIME)

• I = Information and Communication

The information and communication component of internal control relates to the fl__ of information to and from the entity as well as within the entity.

A

Elements of Internal Control: (CRIME)

• I = Information and Communication

The information and communication component of internal control relates to the flow of information to and from the entity as well as within the entity.

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4
Q

Elements of Internal Control: (CRIME)

• I = Information and Communication

The information and communication component of internal control relates to the flow of information t_ and from the entity as well as within the entity.

A

Elements of Internal Control: (CRIME)

• I = Information and Communication

The information and communication component of internal control relates to the flow of information to and from the entity as well as within the entity.

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5
Q

Elements of Internal Control: (CRIME)

• I = Information and Communication

The information and communication component of internal control relates to the flow of information to and f___ the entity as well as within the entity.

A

Elements of Internal Control: (CRIME)

• I = Information and Communication

The information and communication component of internal control relates to the flow of information to and from the entity as well as within the entity.

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6
Q

Elements of Internal Control: (CRIME)

• I = Information and Communication

The information and communication component of internal control relates to the flow of information to and from the entity as well as wit___ the entity.

A

Elements of Internal Control: (CRIME)

• I = Information and Communication

The information and communication component of internal control relates to the flow of information to and from the entity as well as within the entity.

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7
Q

Elements of Internal Control: (CRIME)

• I = Information and Communication

The information and communication component of internal control relates to the flow of information to and from the e____y as well as within the entity.

A

Elements of Internal Control: (CRIME)

• I = Information and Communication

The information and communication component of internal control relates to the flow of information to and from the entity as well as within the entity.

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8
Q

Elements of Internal Control: (CRIME)

• I = Information and Communication

Inf________ should flow in all directions so that management’s directives can be properly communicated to those who are expected to work toward achieving them and so that management can obtain feedback to determine if objectives are being achieved.

A

Elements of Internal Control: (CRIME)

• I = Information and Communication

The information and communication component of internal control relates to the flow of information to and from the entity as well as within the entity.

Information should flow in all directions so that management’s directives can be properly communicated to those who are expected to work toward achieving them and so that management can obtain feedback to determine if objectives are being achieved.

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9
Q

Elements of Internal Control: (CRIME)

• I = Information and Communication

Information should fl__ in all directions so that management’s directives can be properly communicated to those who are expected to work toward achieving them

A

Elements of Internal Control: (CRIME)

• I = Information and Communication

Information should flow in all directions so that management’s directives can be properly communicated to those who are expected to work toward achieving them

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10
Q

Elements of Internal Control: (CRIME)

• I = Information and Communication

Information should flow in all dir_____s so that management’s directives can be properly communicated to those who are expected to work toward achieving them

A

Elements of Internal Control: (CRIME)

• I = Information and Communication

Information should flow in all directions so that management’s directives can be properly communicated to those who are expected to work toward achieving them

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11
Q

Elements of Internal Control: (CRIME)

• I = Information and Communication

Information should flow in a__ directions so that management’s directives can be properly communicated to those who are expected to work toward achieving them

A

Elements of Internal Control: (CRIME)

• I = Information and Communication

Information should flow in all directions so that management’s directives can be properly communicated to those who are expected to work toward achieving them

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12
Q

Elements of Internal Control: (CRIME)

• I = Information and Communication

Information should flow in all directions so that management’s dir______s can be properly communicated to those who are expected to work toward achieving them

A

Elements of Internal Control: (CRIME)

• I = Information and Communication

Information should flow in all directions so that management’s directives can be properly communicated to those who are expected to work toward achieving them

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13
Q

Elements of Internal Control: (CRIME)

• I = Information and Communication

Information should flow in all directions so that management’s directives can be properly com_________ed to those who are expected to work toward achieving them

A

Elements of Internal Control: (CRIME)

• I = Information and Communication

Information should flow in all directions so that management’s directives can be properly communicated to those who are expected to work toward achieving them

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14
Q

Elements of Internal Control: (CRIME)

• I = Information and Communication

Information should flow in all directions so that management’s directives can be properly communicated to those who are expected to work toward ac_____ing them

and so that management can obtain feedback to determine if objectives are being achieved.

A

Elements of Internal Control: (CRIME)

• I = Information and Communication

Information should flow in all directions so that management’s directives can be properly communicated to those who are expected to work toward achieving them

and so that management can obtain feedback to determine if objectives are being achieved.

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15
Q

Elements of Internal Control: (CRIME)

• I = Information and Communication

Information should flow in all directions so that management’s directives can be properly communicated to those who are expected to work toward achieving them

and so that m__________ can obtain feedback to determine if objectives are being achieved.

A

Elements of Internal Control: (CRIME)

• I = Information and Communication

Information should flow in all directions so that management’s directives can be properly communicated to those who are expected to work toward achieving them

and so that management can obtain feedback to determine if objectives are being achieved.

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16
Q

Elements of Internal Control: (CRIME)

• I = Information and Communication

Information should flow in all directions so that management’s directives can be properly communicated to those who are expected to work toward achieving them

and so that management can ob____ feedback to determine if objectives are being achieved.

A

Elements of Internal Control: (CRIME)

• I = Information and Communication

Information should flow in all directions so that management’s directives can be properly communicated to those who are expected to work toward achieving them

and so that management can obtain feedback to determine if objectives are being achieved.

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17
Q

Elements of Internal Control: (CRIME)

• I = Information and Communication

Information should flow in all directions so that management’s directives can be properly communicated to those who are expected to work toward achieving them

and so that management can obtain fee____k to determine if objectives are being achieved.

A

Elements of Internal Control: (CRIME)

• I = Information and Communication

Information should flow in all directions so that management’s directives can be properly communicated to those who are expected to work toward achieving them

and so that management can obtain feedback to determine if objectives are being achieved.

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18
Q

Elements of Internal Control: (CRIME)

• I = Information and Communication

Information should flow in all directions so that management’s directives can be properly communicated to those who are expected to work toward achieving them

and so that management can obtain feedback to de_______e if objectives are being achieved.

A

Elements of Internal Control: (CRIME)

• I = Information and Communication

Information should flow in all directions so that management’s directives can be properly communicated to those who are expected to work toward achieving them

and so that management can obtain feedback to determine if objectives are being achieved.

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19
Q

Elements of Internal Control: (CRIME)

• I = Information and Communication

Information should flow in all directions so that management’s directives can be properly communicated to those who are expected to work toward achieving them

and so that management can obtain feedback to determine if obj_______s are being achieved.

A

Elements of Internal Control: (CRIME)

• I = Information and Communication

Information should flow in all directions so that management’s directives can be properly communicated to those who are expected to work toward achieving them

and so that management can obtain feedback to determine if objectives are being achieved.

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20
Q

Elements of Internal Control: (CRIME)

• I = Information and Communication

Information should flow in all directions so that management’s directives can be properly communicated to those who are expected to work toward achieving them

and so that management can obtain feedback to determine if objectives are being ac_______ed.

A

Elements of Internal Control: (CRIME)

• I = Information and Communication

Information should flow in all directions so that management’s directives can be properly communicated to those who are expected to work toward achieving them

and so that management can obtain feedback to determine if objectives are being achieved.

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21
Q

Elements of Internal Control: (CRIME)

• I = Information and Communication

The information and communication com________ of internal control relates to the flow of information to and from the entity as well as within the entity.

Information should flow in all directions so that management’s directives can be properly communicated to those who are expected to work toward achieving them and so that management can obtain feedback to determine if objectives are being achieved.

A

Elements of Internal Control: (CRIME)

• I = Information and Communication

The information and communication component of internal control relates to the flow of information to and from the entity as well as within the entity.

Information should flow in all directions so that management’s directives can be properly communicated to those who are expected to work toward achieving them and so that management can obtain feedback to determine if objectives are being achieved.

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22
Q

Elements of Internal Control: (CRIME)

• I = Information and Communication

The information and communication component of internal control relates to the flow of information to and from the entity as well as within the entity.

Information should flow in all directions so that management’s directives can be properly communicated to those who are ex____ed to work toward achieving them and so that management can obtain feedback to determine if objectives are being achieved.

A

Elements of Internal Control: (CRIME)

• I = Information and Communication

The information and communication component of internal control relates to the flow of information to and from the entity as well as within the entity.

Information should flow in all directions so that management’s directives can be properly communicated to those who are expected to work toward achieving them and so that management can obtain feedback to determine if objectives are being achieved.

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23
Q

Elements of Internal Control: (CRIME)

• I = Information and Communication

Communication with ext______ parties facilitates the flow of goods and services and enhances the efficiency with which business can be conducted.

A

Elements of Internal Control: (CRIME)

• I = Information and Communication

Communication with external parties facilitates the flow of goods and services and enhances the efficiency with which business can be conducted.

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24
Q

Elements of Internal Control: (CRIME)

• I = Information and Communication

Comm_________ with external parties facilitates the flow of goods and services and enhances the efficiency with which business can be conducted.

A

Elements of Internal Control: (CRIME)

• I = Information and Communication

Communication with external parties facilitates the flow of goods and services and enhances the efficiency with which business can be conducted.

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25
Elements of Internal Control: (CRIME) • I = Information and Communication Communication with external parties facilitates the fl__ of goods and services and enhances the efficiency with which business can be conducted.
Elements of Internal Control: (CRIME) • I = Information and Communication Communication with external parties facilitates the flow of goods and services and enhances the efficiency with which business can be conducted.
26
Elements of Internal Control: (CRIME) • I = Information and Communication Communication with external parties facilitates the flow of goods and services and en_______s the efficiency with which business can be conducted.
Elements of Internal Control: (CRIME) • I = Information and Communication Communication with external parties facilitates the flow of goods and services and enhances the efficiency with which business can be conducted.
27
Elements of Internal Control: (CRIME) • I = Information and Communication Communication with external parties facilitates the flow of goods and services and enhances the eff______y with which business can be conducted.
Elements of Internal Control: (CRIME) • I = Information and Communication Communication with external parties facilitates the flow of goods and services and enhances the efficiency with which business can be conducted.
28
Elements of Internal Control: (CRIME) • I = Information and Communication Communication with external parties facilitates the flow of goods and services and enhances the efficiency with which business can be con____ed.
Elements of Internal Control: (CRIME) • I = Information and Communication Communication with external parties facilitates the flow of goods and services and enhances the efficiency with which business can be conducted.
29
Elements of Internal Control: (CRIME) • I = Information and Communication Communication with external parties facilitates the flow of goods and services and enhances the efficiency with which business can be conducted. It also enables parties and other en___ies with which an entity does business to assist in the enforcement of the entity’s internal controls.
Elements of Internal Control: (CRIME) • I = Information and Communication Communication with external parties facilitates the flow of goods and services and enhances the efficiency with which business can be conducted. It also enables parties and other entities with which an entity does business to assist in the enforcement of the entity’s internal controls.
30
Elements of Internal Control: (CRIME) • I = Information and Communication Communication with external parties facilitates the flow of goods and services and enhances the efficiency with which business can be conducted. It also enables parties and other entities with which an entity does business to as___t in the enforcement of the entity’s internal controls.
Elements of Internal Control: (CRIME) • I = Information and Communication Communication with external parties facilitates the flow of goods and services and enhances the efficiency with which business can be conducted. It also enables parties and other entities with which an entity does business to assist in the enforcement of the entity’s internal controls.
31
Elements of Internal Control: (CRIME) • I = Information and Communication Communication with external parties facilitates the flow of goods and services and enhances the efficiency with which business can be conducted. It also enables parties and other entities with which an entity does bus___ss to assist in the enforcement of the entity’s internal controls.
Elements of Internal Control: (CRIME) • I = Information and Communication Communication with external parties facilitates the flow of goods and services and enhances the efficiency with which business can be conducted. It also enables parties and other entities with which an entity does business to assist in the enforcement of the entity’s internal controls.
32
Elements of Internal Control: (CRIME) • I = Information and Communication Communication with external parties facilitates the flow of goods and services and enhances the efficiency with which business can be conducted. It also enables parties and other entities with which an entity does business to assist in the en______ent of the entity’s internal controls.
Elements of Internal Control: (CRIME) • I = Information and Communication Communication with external parties facilitates the flow of goods and services and enhances the efficiency with which business can be conducted. It also enables parties and other entities with which an entity does business to assist in the enforcement of the entity’s internal controls.
33
Elements of Internal Control: (CRIME) • I = Information and Communication Communication with external parties facilitates the flow of goods and services and enhances the efficiency with which business can be conducted. It also enables parties and other entities with which an entity does business to assist in the enforcement of the entity’s in_______ controls.
Elements of Internal Control: (CRIME) • I = Information and Communication Communication with external parties facilitates the flow of goods and services and enhances the efficiency with which business can be conducted. It also enables parties and other entities with which an entity does business to assist in the enforcement of the entity’s internal controls.
34
Elements of Internal Control: (CRIME) • I = Information and Communication Communication with external parties facilitates the flow of goods and services and enhances the efficiency with which business can be conducted. It also enables parties and other entities with which an entity does business to assist in the enforcement of the entity’s internal con____s.
Elements of Internal Control: (CRIME) • I = Information and Communication Communication with external parties facilitates the flow of goods and services and enhances the efficiency with which business can be conducted. It also enables parties and other entities with which an entity does business to assist in the enforcement of the entity’s internal controls.
35
Elements of Internal Control: (CRIME) • I = Information and Communication If business cus______s are informed, for example, that all sales are expected to be reported on a specific pre-numbered sales form, customers may prevent a sales person from taking an order without completing such a form, which may be done for inappropriate purposes.
Elements of Internal Control: (CRIME) • I = Information and Communication If business customers are informed, for example, that all sales are expected to be reported on a specific pre-numbered sales form, customers may prevent a sales person from taking an order without completing such a form, which may be done for inappropriate purposes.
36
Elements of Internal Control: (CRIME) • I = Information and Communication If business customers are inf___ed, for example, that all sales are expected to be reported on a specific pre-numbered sales form, customers may prevent a sales person from taking an order without completing such a form, which may be done for inappropriate purposes.
Elements of Internal Control: (CRIME) • I = Information and Communication If business customers are informed, for example, that all sales are expected to be reported on a specific pre-numbered sales form, customers may prevent a sales person from taking an order without completing such a form, which may be done for inappropriate purposes.
37
Elements of Internal Control: (CRIME) • I = Information and Communication If business customers are informed, for example, that all s___s are expected to be reported on a specific pre-numbered sales form, customers may prevent a sales person from taking an order without completing such a form, which may be done for inappropriate purposes.
Elements of Internal Control: (CRIME) • I = Information and Communication If business customers are informed, for example, that all sales are expected to be reported on a specific pre-numbered sales form, customers may prevent a sales person from taking an order without completing such a form, which may be done for inappropriate purposes.
38
Elements of Internal Control: (CRIME) • I = Information and Communication If business customers are informed, for example, that all sales are expected to be reported on a specific pre-numbered sales f___, customers may prevent a sales person from taking an order without completing such a form, which may be done for inappropriate purposes.
Elements of Internal Control: (CRIME) • I = Information and Communication If business customers are informed, for example, that all sales are expected to be reported on a specific pre-numbered sales form, customers may prevent a sales person from taking an order without completing such a form, which may be done for inappropriate purposes.
39
Elements of Internal Control: (CRIME) • I = Information and Communication If business customers are informed, for example, that all sales are expected to be rep___ed on a specific pre-numbered sales form, customers may prevent a sales person from taking an order without completing such a form, which may be done for inappropriate purposes.
Elements of Internal Control: (CRIME) • I = Information and Communication If business customers are informed, for example, that all sales are expected to be reported on a specific pre-numbered sales form, customers may prevent a sales person from taking an order without completing such a form, which may be done for inappropriate purposes.
40
Elements of Internal Control: (CRIME) • I = Information and Communication If business customers are informed, for example, that all sales are expected to be reported on a specific pre-numbered sales form, cust____s may prevent a sales person from taking an order without completing such a form, which may be done for inappropriate purposes.
Elements of Internal Control: (CRIME) • I = Information and Communication If business customers are informed, for example, that all sales are expected to be reported on a specific pre-numbered sales form, customers may prevent a sales person from taking an order without completing such a form, which may be done for inappropriate purposes.
41
Elements of Internal Control: (CRIME) • I = Information and Communication If business customers are informed, for example, that all sales are expected to be reported on a specific pre-numbered sales form, customers may pre____ a sales person from taking an order without completing such a form, which may be done for inappropriate purposes.
Elements of Internal Control: (CRIME) • I = Information and Communication If business customers are informed, for example, that all sales are expected to be reported on a specific pre-numbered sales form, customers may prevent a sales person from taking an order without completing such a form, which may be done for inappropriate purposes.
42
Elements of Internal Control: (CRIME) • I = Information and Communication If business customers are informed, for example, that all sales are expected to be reported on a specific pre-numbered sales form, customers may prevent a sales person from taking an order with___ completing such a form, which may be done for inappropriate purposes.
Elements of Internal Control: (CRIME) • I = Information and Communication If business customers are informed, for example, that all sales are expected to be reported on a specific pre-numbered sales form, customers may prevent a sales person from taking an order without completing such a form, which may be done for inappropriate purposes.
43
Elements of Internal Control: (CRIME) • I = Information and Communication If business customers are informed, for example, that all sales are expected to be reported on a specific pre-numbered sales form, customers may prevent a sales person from taking an order without com____ing such a form, which may be done for inappropriate purposes.
Elements of Internal Control: (CRIME) • I = Information and Communication If business customers are informed, for example, that all sales are expected to be reported on a specific pre-numbered sales form, customers may prevent a sales person from taking an order without completing such a form, which may be done for inappropriate purposes.
44
Elements of Internal Control: (CRIME) • I = Information and Communication If business customers are informed, for example, that all sales are expected to be reported on a specific pre-numbered sales form, customers may prevent a sales person from taking an order without completing such a form, which may be done for inappropriate pur____s.
Elements of Internal Control: (CRIME) • I = Information and Communication If business customers are informed, for example, that all sales are expected to be reported on a specific pre-numbered sales form, customers may prevent a sales person from taking an order without completing such a form, which may be done for inappropriate purposes.
45
Elements of Internal Control: (CRIME) • I = Information and Communication Communication with external parties facilitates the flow of goods and services and enhances the efficiency with which business can be conducted. It also enables parties and other entities with which an entity does business to assist in the enforcement of the entity’s internal controls. If business customers are informed, for example, that all sales are expected to be reported on a specific pre-num___ed sales form, customers may prevent a sales person from taking an order without completing such a form, which may be done for inappropriate purposes.
Elements of Internal Control: (CRIME) • I = Information and Communication Communication with external parties facilitates the flow of goods and services and enhances the efficiency with which business can be conducted. It also enables parties and other entities with which an entity does business to assist in the enforcement of the entity’s internal controls. If business customers are informed, for example, that all sales are expected to be reported on a specific pre-numbered sales form, customers may prevent a sales person from taking an order without completing such a form, which may be done for inappropriate purposes.
46
Elements of Internal Control: (CRIME) • I = Information and Communication Communication with external parties facilitates the flow of goods and services and enhances the efficiency with which business can be conducted. It also enables parties and other entities with which an entity does business to assist in the enforcement of the entity’s internal controls. If business customers are informed, for example, that all sales are expected to be reported on a spe___ic pre-numbered sales form, customers may prevent a sales person from taking an order without completing such a form, which may be done for inappropriate purposes.
Elements of Internal Control: (CRIME) • I = Information and Communication Communication with external parties facilitates the flow of goods and services and enhances the efficiency with which business can be conducted. It also enables parties and other entities with which an entity does business to assist in the enforcement of the entity’s internal controls. If business customers are informed, for example, that all sales are expected to be reported on a specific pre-numbered sales form, customers may prevent a sales person from taking an order without completing such a form, which may be done for inappropriate purposes.
47
Elements of Internal Control: (CRIME) • I = Information and Communication Communication with ex_____l parties facilitates the flow of goods and services and enhances the efficiency with which business can be conducted. It also enables parties and other entities with which an entity does business to assist in the enforcement of the entity’s internal controls. If business customers are informed, for example, that all sales are expected to be reported on a specific pre-numbered sales form, customers may prevent a sales person from taking an order without completing such a form, which may be done for inappropriate purposes.
Elements of Internal Control: (CRIME) • I = Information and Communication Communication with external parties facilitates the flow of goods and services and enhances the efficiency with which business can be conducted. It also enables parties and other entities with which an entity does business to assist in the enforcement of the entity’s internal controls. If business customers are informed, for example, that all sales are expected to be reported on a specific pre-numbered sales form, customers may prevent a sales person from taking an order without completing such a form, which may be done for inappropriate purposes.
48
Elements of Internal Control: (CRIME) • I = Information and Communication The au_____ is concerned, in particular, with information systems relevant to financial reporting.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor is concerned, in particular, with information systems relevant to financial reporting.
49
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor is concerned, in particular, with information sys___s relevant to financial reporting.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor is concerned, in particular, with information systems relevant to financial reporting.
50
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor is concerned, in particular, with information systems rel_____ to financial reporting.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor is concerned, in particular, with information systems relevant to financial reporting.
51
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor is concerned, in particular, with information systems relevant to fi______ reporting.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor is concerned, in particular, with information systems relevant to financial reporting.
52
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor is concerned, in particular, with information systems relevant to financial reporting. The auditor, as a result, should ob____ an understanding related to how: * Info system consists of the methods and records * Communication involves establishing individual duties and responsibilities * Transactions are initiated, authorized, and processed * Accountability is maintained for assets, liability, and equity * The incorrect processing of transactions * Recurring and nonrecurring JE, unusual transactions, and adjustments * System overrides or bypasses to controls * Information is transferred from the processing systems to the GL * Events and conditions, other than transactions * Financial statements are prepared/ estimation * Information that is required to be disclosed
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor is concerned, in particular, with information systems relevant to financial reporting. The auditor, as a result, should obtain an understanding related to how: * Info system consists of the methods and records * Communication involves establishing individual duties and responsibilities * Transactions are initiated, authorized, and processed * Accountability is maintained for assets, liability, and equity * The incorrect processing of transactions * Recurring and nonrecurring JE, unusual transactions, and adjustments * System overrides or bypasses to controls * Information is transferred from the processing systems to the GL * Events and conditions, other than transactions * Financial statements are prepared/ estimation * Information that is required to be disclosed
53
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Info system consists of the me____s and records used to record, process, summarize and report Co.’s transactions and to maintain accountability for the related accounts.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Info system consists of the methods and records used to record, process, summarize and report Co.’s transactions and to maintain accountability for the related accounts.
54
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Info system consists of the methods and re____s used to record, process, summarize and report Co.’s transactions and to maintain accountability for the related accounts.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Info system consists of the methods and records used to record, process, summarize and report Co.’s transactions and to maintain accountability for the related accounts.
55
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Info system consists of the methods and records used to rec___, process, summarize and report Co.’s transactions and to maintain accountability for the related accounts.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Info system consists of the methods and records used to record, process, summarize and report Co.’s transactions and to maintain accountability for the related accounts.
56
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Info system consists of the methods and records used to record, pro____, summarize and report Co.’s transactions and to maintain accountability for the related accounts.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Info system consists of the methods and records used to record, process, summarize and report Co.’s transactions and to maintain accountability for the related accounts.
57
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Info system consists of the methods and records used to record, process, sum______ and report Co.’s transactions and to maintain accountability for the related accounts.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Info system consists of the methods and records used to record, process, summarize and report Co.’s transactions and to maintain accountability for the related accounts.
58
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Info system consists of the methods and records used to record, process, summarize and report Co.’s tr_________s and to maintain accountability for the related accounts.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Info system consists of the methods and records used to record, process, summarize and report Co.’s transactions and to maintain accountability for the related accounts.
59
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Info system consists of the methods and records used to record, process, summarize and report Co.’s transactions and to ma______ accountability for the related accounts.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Info system consists of the methods and records used to record, process, summarize and report Co.’s transactions and to maintain accountability for the related accounts.
60
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Info system consists of the methods and records used to record, process, summarize and report Co.’s transactions and to maintain acc_______y for the related accounts.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Info system consists of the methods and records used to record, process, summarize and report Co.’s transactions and to maintain accountability for the related accounts.
61
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Info system consists of the methods and records used to record, process, summarize and report Co.’s transactions and to maintain accountability for the related acc____s.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Info system consists of the methods and records used to record, process, summarize and report Co.’s transactions and to maintain accountability for the related accounts.
62
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Info system con____s of the methods and records used to record, process, summarize and report Co.’s transactions and to maintain accountability for the related accounts.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Info system consists of the methods and records used to record, process, summarize and report Co.’s transactions and to maintain accountability for the related accounts.
63
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Comm_________ involves establishing individual duties and responsibilities relating to internal control and making them known to involved personnel.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Communication involves establishing individual duties and responsibilities relating to internal control and making them known to involved personnel.
64
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Communication involves establishing individual duties and resp________ies relating to internal control and making them known to involved personnel.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Communication involves establishing individual duties and responsibilities relating to internal control and making them known to involved personnel.
65
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Communication involves establishing ind_______ duties and responsibilities relating to internal control and making them known to involved personnel.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Communication involves establishing individual duties and responsibilities relating to internal control and making them known to involved personnel.
66
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Communication involves est_______ing individual duties and responsibilities relating to internal control and making them known to involved personnel.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Communication involves establishing individual duties and responsibilities relating to internal control and making them known to involved personnel.
67
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Communication involves establishing individual duties and responsibilities relating to in______ control and making them known to involved personnel.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Communication involves establishing individual duties and responsibilities relating to internal control and making them known to involved personnel.
68
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Communication involves establishing individual duties and responsibilities relating to internal control and making them known to involved per________.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Communication involves establishing individual duties and responsibilities relating to internal control and making them known to involved personnel.
69
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Communication involves establishing individual duties and responsibilities relating to internal control and making them kn___ to involved personnel.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Communication involves establishing individual duties and responsibilities relating to internal control and making them known to involved personnel.
70
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Tran_____ns are initiated, authorized, and processed; and how transactions, events, and conditions are reported, including which components are performed manually and which are performed electronically.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Transactions are initiated, authorized, and processed; and how transactions, events, and conditions are reported, including which components are performed manually and which are performed electronically.
71
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Transactions are ini____ed, authorized, and processed; and how transactions, events, and conditions are reported, including which components are performed manually and which are performed electronically.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Transactions are initiated, authorized, and processed; and how transactions, events, and conditions are reported, including which components are performed manually and which are performed electronically.
72
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Transactions are initiated, aut_____ed, and processed; and how transactions, events, and conditions are reported, including which components are performed manually and which are performed electronically.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Transactions are initiated, authorized, and processed; and how transactions, events, and conditions are reported, including which components are performed manually and which are performed electronically.
73
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Transactions are initiated, authorized, and pro____ed; and how transactions, events, and conditions are reported, including which components are performed manually and which are performed electronically.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Transactions are initiated, authorized, and processed; and how transactions, events, and conditions are reported, including which components are performed manually and which are performed electronically.
74
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Transactions are initiated, authorized, and processed; and how tran_______s, events, and conditions are reported, including which components are performed manually and which are performed electronically.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Transactions are initiated, authorized, and processed; and how transactions, events, and conditions are reported, including which components are performed manually and which are performed electronically.
75
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Transactions are initiated, authorized, and processed; and how transactions, e___ts, and conditions are reported, including which components are performed manually and which are performed electronically.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Transactions are initiated, authorized, and processed; and how transactions, events, and conditions are reported, including which components are performed manually and which are performed electronically.
76
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Transactions are initiated, authorized, and processed; and how transactions, events, and con_____s are reported, including which components are performed manually and which are performed electronically.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Transactions are initiated, authorized, and processed; and how transactions, events, and conditions are reported, including which components are performed manually and which are performed electronically.
77
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Transactions are initiated, authorized, and processed; and how transactions, events, and conditions are re____ed, including which components are performed manually and which are performed electronically.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Transactions are initiated, authorized, and processed; and how transactions, events, and conditions are reported, including which components are performed manually and which are performed electronically.
78
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Transactions are initiated, authorized, and processed; and how transactions, events, and conditions are reported, including which com_______s are performed manually and which are performed electronically.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Transactions are initiated, authorized, and processed; and how transactions, events, and conditions are reported, including which components are performed manually and which are performed electronically.
79
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Transactions are initiated, authorized, and processed; and how transactions, events, and conditions are reported, including which components are performed ma_____ly and which are performed electronically.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Transactions are initiated, authorized, and processed; and how transactions, events, and conditions are reported, including which components are performed manually and which are performed electronically.
80
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Transactions are initiated, authorized, and processed; and how transactions, events, and conditions are reported, including which components are performed manually and which are performed elec______lly.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Transactions are initiated, authorized, and processed; and how transactions, events, and conditions are reported, including which components are performed manually and which are performed electronically.
81
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an und_______ing related to how: * Info system consists of the methods and records used to record, process, summarize and report Co.’s transactions and to maintain accountability for the related accounts. * Communication involves establishing individual duties and responsibilities relating to internal control and making them known to involved personnel. * Transactions are initiated, authorized, and processed; and how transactions, events, and conditions are reported, including which components are performed manually and which are performed electronically.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: * Info system consists of the methods and records used to record, process, summarize and report Co.’s transactions and to maintain accountability for the related accounts. * Communication involves establishing individual duties and responsibilities relating to internal control and making them known to involved personnel. * Transactions are initiated, authorized, and processed; and how transactions, events, and conditions are reported, including which components are performed manually and which are performed electronically.
82
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Acco______ity is maintained for assets, liability, and equity, including the maintenance of records supporting information or specific items in the financial statements.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Accountability is maintained for assets, liability, and equity, including the maintenance of records supporting information or specific items in the financial statements.
83
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Accountability is maintained for as___s, liability, and equity, including the maintenance of records supporting information or specific items in the financial statements.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Accountability is maintained for assets, liability, and equity, including the maintenance of records supporting information or specific items in the financial statements.
84
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Accountability is maintained for assets, lia___ty, and equity, including the maintenance of records supporting information or specific items in the financial statements.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Accountability is maintained for assets, liability, and equity, including the maintenance of records supporting information or specific items in the financial statements.
85
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Accountability is maintained for assets, liability, and eq___y, including the maintenance of records supporting information or specific items in the financial statements.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Accountability is maintained for assets, liability, and equity, including the maintenance of records supporting information or specific items in the financial statements.
86
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Accountability is maintained for assets, liability, and equity, including the main_______e of records supporting information or specific items in the financial statements.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Accountability is maintained for assets, liability, and equity, including the maintenance of records supporting information or specific items in the financial statements.
87
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Accountability is maintained for assets, liability, and equity, including the maintenance of re____s supporting information or specific items in the financial statements.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Accountability is maintained for assets, liability, and equity, including the maintenance of records supporting information or specific items in the financial statements.
88
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Accountability is maintained for assets, liability, and equity, including the maintenance of records supporting infor______ or specific items in the financial statements.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Accountability is maintained for assets, liability, and equity, including the maintenance of records supporting information or specific items in the financial statements.
89
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Accountability is maintained for assets, liability, and equity, including the maintenance of records supporting information or specific i___s in the financial statements.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Accountability is maintained for assets, liability, and equity, including the maintenance of records supporting information or specific items in the financial statements.
90
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • The incorrect pro____ing of transactions is identified and resolved.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • The incorrect processing of transactions is identified and resolved.
91
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • The incorrect processing of tran______s is identified and resolved.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • The incorrect processing of transactions is identified and resolved.
92
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • The incorrect processing of transactions is ide____ied and resolved.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • The incorrect processing of transactions is identified and resolved.
93
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • The inc______ processing of transactions is identified and resolved.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • The incorrect processing of transactions is identified and resolved.
94
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • The incorrect processing of transactions is identified and res___ed.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • The incorrect processing of transactions is identified and resolved.
95
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Recurring and nonrecurring jo_____ entries, unusual transactions, and other adjustments are identified and prepared.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Recurring and nonrecurring journal entries, unusual transactions, and other adjustments are identified and prepared.
96
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Rec___ing and nonrecurring journal entries, unusual transactions, and other adjustments are identified and prepared.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Recurring and nonrecurring journal entries, unusual transactions, and other adjustments are identified and prepared.
97
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Recurring and n__recurring journal entries, unusual transactions, and other adjustments are identified and prepared.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Recurring and nonrecurring journal entries, unusual transactions, and other adjustments are identified and prepared.
98
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Recurring and nonrecurring journal en__ies, unusual transactions, and other adjustments are identified and prepared.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Recurring and nonrecurring journal entries, unusual transactions, and other adjustments are identified and prepared.
99
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Recurring and nonrecurring journal entries, unu____ transactions, and other adjustments are identified and prepared.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Recurring and nonrecurring journal entries, unusual transactions, and other adjustments are identified and prepared.
100
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Recurring and nonrecurring journal entries, unusual transactions, and other adju_______s are identified and prepared.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Recurring and nonrecurring journal entries, unusual transactions, and other adjustments are identified and prepared.
101
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Recurring and nonrecurring journal entries, unusual transactions, and other adjustments are id_____ied and prepared.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Recurring and nonrecurring journal entries, unusual transactions, and other adjustments are identified and prepared.
102
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Recurring and nonrecurring journal entries, unusual transactions, and other adjustments are identified and pre___ed.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Recurring and nonrecurring journal entries, unusual transactions, and other adjustments are identified and prepared.
103
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should ob____ an understanding related to how: * Accountability is maintained for assets, liability, and equity, including the maintenance of records supporting information or specific items in the financial statements. * The incorrect processing of transactions is identified and resolved. * Recurring and nonrecurring journal entries, unusual transactions, and other adjustments are identified and prepared.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: * Accountability is maintained for assets, liability, and equity, including the maintenance of records supporting information or specific items in the financial statements. * The incorrect processing of transactions is identified and resolved. * Recurring and nonrecurring journal entries, unusual transactions, and other adjustments are identified and prepared.
104
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Sys___ overrides or bypasses to controls are processed and accounted for.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • System overrides or bypasses to controls are processed and accounted for.
105
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • System overrides or byp___es to controls are processed and accounted for.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • System overrides or bypasses to controls are processed and accounted for.
106
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • System overrides or bypasses to co_____s are processed and accounted for.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • System overrides or bypasses to controls are processed and accounted for.
107
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • System over____s or bypasses to controls are processed and accounted for.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • System overrides or bypasses to controls are processed and accounted for.
108
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • System overrides or bypasses to controls are pro____ed and accounted for.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • System overrides or bypasses to controls are processed and accounted for.
109
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • System overrides or bypasses to controls are processed and acc____ed for.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • System overrides or bypasses to controls are processed and accounted for.
110
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Infor_______ is transferred from the processing systems to the general ledger.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Information is transferred from the processing systems to the general ledger.
111
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Information is tran____ed from the processing systems to the general ledger.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Information is transferred from the processing systems to the general ledger.
112
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Information is transferred from the pro____ing systems to the general ledger.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Information is transferred from the processing systems to the general ledger.
113
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Information is transferred from the processing sys___s to the general ledger.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Information is transferred from the processing systems to the general ledger.
114
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Information is transferred from the processing systems to the ge_____ ledger.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Information is transferred from the processing systems to the general ledger.
115
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Information is transferred from the processing systems to the general led___.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Information is transferred from the processing systems to the general ledger.
116
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Ev___s and conditions, other than transactions, that are relevant to financial reporting, including depreciation and amortization of assets and collectibility of receivables, are identified, and how information is captured.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Events and conditions, other than transactions, that are relevant to financial reporting, including depreciation and amortization of assets and collectibility of receivables, are identified, and how information is captured.
117
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Events and cond______s, other than transactions, that are relevant to financial reporting, including depreciation and amortization of assets and collectibility of receivables, are identified, and how information is captured.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Events and conditions, other than transactions, that are relevant to financial reporting, including depreciation and amortization of assets and collectibility of receivables, are identified, and how information is captured.
118
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Events and conditions, other than tran_______s, that are relevant to financial reporting, including depreciation and amortization of assets and collectibility of receivables, are identified, and how information is captured.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Events and conditions, other than transactions, that are relevant to financial reporting, including depreciation and amortization of assets and collectibility of receivables, are identified, and how information is captured.
119
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Events and conditions, other than transactions, that are rele_____ to financial reporting, including depreciation and amortization of assets and collectibility of receivables, are identified, and how information is captured.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Events and conditions, other than transactions, that are relevant to financial reporting, including depreciation and amortization of assets and collectibility of receivables, are identified, and how information is captured.
120
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Events and conditions, other than transactions, that are relevant to financial reporting, including depre______ and amortization of assets and collectibility of receivables, are identified, and how information is captured.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Events and conditions, other than transactions, that are relevant to financial reporting, including depreciation and amortization of assets and collectibility of receivables, are identified, and how information is captured.
121
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Events and conditions, other than transactions, that are relevant to financial reporting, including depreciation and amo______ of assets and collectibility of receivables, are identified, and how information is captured.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Events and conditions, other than transactions, that are relevant to financial reporting, including depreciation and amortization of assets and collectibility of receivables, are identified, and how information is captured.
122
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Events and conditions, other than transactions, that are relevant to financial reporting, including depreciation and amortization of ass__s and collectibility of receivables, are identified, and how information is captured.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Events and conditions, other than transactions, that are relevant to financial reporting, including depreciation and amortization of assets and collectibility of receivables, are identified, and how information is captured.
123
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Events and conditions, other than transactions, that are relevant to financial reporting, including depreciation and amortization of assets and coll______ty of receivables, are identified, and how information is captured.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Events and conditions, other than transactions, that are relevant to financial reporting, including depreciation and amortization of assets and collectibility of receivables, are identified, and how information is captured.
124
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Events and conditions, other than transactions, that are relevant to financial reporting, including depreciation and amortization of assets and collectibility of rec______es, are identified, and how information is captured.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Events and conditions, other than transactions, that are relevant to financial reporting, including depreciation and amortization of assets and collectibility of receivables, are identified, and how information is captured.
125
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Events and conditions, other than transactions, that are relevant to financial reporting, including depreciation and amortization of assets and collectibility of receivables, are ide___ied, and how information is captured.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Events and conditions, other than transactions, that are relevant to financial reporting, including depreciation and amortization of assets and collectibility of receivables, are identified, and how information is captured.
126
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Events and conditions, other than transactions, that are relevant to financial reporting, including depreciation and amortization of assets and collectibility of receivables, are identified, and how information is cap___ed.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Events and conditions, other than transactions, that are relevant to financial reporting, including depreciation and amortization of assets and collectibility of receivables, are identified, and how information is captured.
127
Elements of Internal Control: (CRIME) • I = Information and Communication The au____ should obtain an understanding related to how: * System overrides or bypasses to controls are processed and accounted for. * Information is transferred from the processing systems to the general ledger. * Events and conditions, other than transactions, that are relevant to financial reporting, including depreciation and amortization of assets and collectibility of receivables, are identified, and how information is captured.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: * System overrides or bypasses to controls are processed and accounted for. * Information is transferred from the processing systems to the general ledger. * Events and conditions, other than transactions, that are relevant to financial reporting, including depreciation and amortization of assets and collectibility of receivables, are identified, and how information is captured.
128
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Financial st________s are prepared, including the development of estimates.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Financial statements are prepared, including the development of estimates.
129
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Financial statements are pre___ed, including the development of estimates.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Financial statements are prepared, including the development of estimates.
130
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Financial statements are prepared, including the dev_______ of estimates.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Financial statements are prepared, including the development of estimates.
131
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Financial statements are prepared, including the development of es_______s.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: • Financial statements are prepared, including the development of estimates.
132
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: ``` • Info________ that is required to be disclosed is identified, accumulated, recorded, processed, summarized, and properly reported. ```
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: ``` • Information that is required to be disclosed is identified, accumulated, recorded, processed, summarized, and properly reported. ```
133
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: ``` • Information that is re_____ed to be disclosed is identified, accumulated, recorded, processed, summarized, and properly reported. ```
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: ``` • Information that is required to be disclosed is identified, accumulated, recorded, processed, summarized, and properly reported. ```
134
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: ``` • Information that is required to be dis____ed is identified, accumulated, recorded, processed, summarized, and properly reported. ```
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: ``` • Information that is required to be disclosed is identified, accumulated, recorded, processed, summarized, and properly reported. ```
135
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: ``` • Information that is required to be disclosed is ide___ied, accumulated, recorded, processed, summarized, and properly reported. ```
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: ``` • Information that is required to be disclosed is identified, accumulated, recorded, processed, summarized, and properly reported. ```
136
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: ``` • Information that is required to be disclosed is identified, acc_____ed, recorded, processed, summarized, and properly reported. ```
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: ``` • Information that is required to be disclosed is identified, accumulated, recorded, processed, summarized, and properly reported. ```
137
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: ``` • Information that is required to be disclosed is identified, accumulated, rec___ed, processed, summarized, and properly reported. ```
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: ``` • Information that is required to be disclosed is identified, accumulated, recorded, processed, summarized, and properly reported. ```
138
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: ``` • Information that is required to be disclosed is identified, accumulated, recorded, pro____ed, summarized, and properly reported. ```
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: ``` • Information that is required to be disclosed is identified, accumulated, recorded, processed, summarized, and properly reported. ```
139
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: ``` • Information that is required to be disclosed is identified, accumulated, recorded, processed, sum_______ed, and properly reported. ```
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: ``` • Information that is required to be disclosed is identified, accumulated, recorded, processed, summarized, and properly reported. ```
140
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: ``` • Information that is required to be disclosed is identified, accumulated, recorded, processed, summarized, and properly re____ed. ```
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: ``` • Information that is required to be disclosed is identified, accumulated, recorded, processed, summarized, and properly reported. ```
141
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor sh___d obtain an understanding related to how: * Financial statements are prepared, including the development of estimates. * Information that is required to be disclosed is identified, accumulated, recorded, processed, summarized, and properly reported.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: * Financial statements are prepared, including the development of estimates. * Information that is required to be disclosed is identified, accumulated, recorded, processed, summarized, and properly reported.
142
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: * Info system consists of the methods and records used to record, process, summarize and report Co.’s transactions and to maintain accountability for the related accounts. * Communication involves establishing individual duties and responsibilities relating to internal control and making them known to involved personnel. * Transactions are initiated, authorized, and processed; and how transactions, events, and conditions are reported, including which components are performed manually and which are performed electronically. * Accountability is maintained for assets, liability, and equity, including the maintenance of records supporting information or specific items in the financial statements. * The incorrect processing of transactions is identified and resolved. * Recurring and nonrecurring journal entries, unusual transactions, and other adjustments are identified and prepared. * System overrides or bypasses to controls are processed and accounted for. * Information is transferred from the processing systems to the general ledger. * Events and conditions, other than transactions, that are relevant to financial reporting, including depreciation and amortization of assets and collectibility of receivables, are identified, and how information is captured. * Financial statements are prepared, including the development of estimates. * Information that is required to be disclosed is identified, accumulated, recorded, processed, summarized, and properly reported.
Elements of Internal Control: (CRIME) • I = Information and Communication The auditor should obtain an understanding related to how: * Info system consists of the methods and records used to record, process, summarize and report Co.’s transactions and to maintain accountability for the related accounts. * Communication involves establishing individual duties and responsibilities relating to internal control and making them known to involved personnel. * Transactions are initiated, authorized, and processed; and how transactions, events, and conditions are reported, including which components are performed manually and which are performed electronically. * Accountability is maintained for assets, liability, and equity, including the maintenance of records supporting information or specific items in the financial statements. * The incorrect processing of transactions is identified and resolved. * Recurring and nonrecurring journal entries, unusual transactions, and other adjustments are identified and prepared. * System overrides or bypasses to controls are processed and accounted for. * Information is transferred from the processing systems to the general ledger. * Events and conditions, other than transactions, that are relevant to financial reporting, including depreciation and amortization of assets and collectibility of receivables, are identified, and how information is captured. * Financial statements are prepared, including the development of estimates. * Information that is required to be disclosed is identified, accumulated, recorded, processed, summarized, and properly reported.
143
Elements of Internal Control: (CRIME) • I = Information and Communication C___ has indicated that there are 3 principles related to information and communication.
Elements of Internal Control: (CRIME) • I = Information and Communication COSO has indicated that there are 3 principles related to information and communication.
144
Elements of Internal Control: (CRIME) • I = Information and Communication COSO has indicated that there are 3 pri_______s related to information and communication.
Elements of Internal Control: (CRIME) • I = Information and Communication COSO has indicated that there are 3 principles related to information and communication.
145
Elements of Internal Control: (CRIME) • I = Information and Communication COSO has indicated that there are 3 principles related to infor_______ and communication.
Elements of Internal Control: (CRIME) • I = Information and Communication COSO has indicated that there are 3 principles related to information and communication.
146
Elements of Internal Control: (CRIME) • I = Information and Communication COSO has indicated that there are 3 principles related to information and comm_________.
Elements of Internal Control: (CRIME) • I = Information and Communication COSO has indicated that there are 3 principles related to information and communication.
147
Elements of Internal Control: (CRIME) • I = Information and Communication COSO has indicated that there are 3 principles related to information and communication. They indicate that ma__________t and those charge with governance: 1. Use relevant information; 2. Communicate internally; and 3. Communicate externally.
Elements of Internal Control: (CRIME) • I = Information and Communication COSO has indicated that there are 3 principles related to information and communication. They indicate that management and those charge with governance: 1. Use relevant information; 2. Communicate internally; and 3. Communicate externally.
148
Elements of Internal Control: (CRIME) • I = Information and Communication 3 principles management and those cha___ with governance: 1. Use relevant information 2. Communicate internally 3. Communicate externally
Elements of Internal Control: (CRIME) • I = Information and Communication 3 principles management and those charge with governance: 1. Use relevant information 2. Communicate internally 3. Communicate externally
149
Elements of Internal Control: (CRIME) • I = Information and Communication 3 principles management and those charge with governance: 1. U__ relevant information
Elements of Internal Control: (CRIME) • I = Information and Communication 3 principles management and those charge with governance: 1. Use relevant information
150
Elements of Internal Control: (CRIME) • I = Information and Communication 3 principles management and those charge with governance: 1. Use rel_______ information
Elements of Internal Control: (CRIME) • I = Information and Communication 3 principles management and those charge with governance: 1. Use relevant information
151
Elements of Internal Control: (CRIME) • I = Information and Communication 3 principles management and those charge with governance: 1. Use relevant in_________
Elements of Internal Control: (CRIME) • I = Information and Communication 3 principles management and those charge with governance: 1. Use relevant information
152
Elements of Internal Control: (CRIME) • I = Information and Communication 3 principles management and those charge with governance: 2. Com________ internally
Elements of Internal Control: (CRIME) • I = Information and Communication 3 principles management and those charge with governance: 2. Communicate internally
153
Elements of Internal Control: (CRIME) • I = Information and Communication 3 principles management and those charge with governance: 2. Communicate int_______y
Elements of Internal Control: (CRIME) • I = Information and Communication 3 principles management and those charge with governance: 2. Communicate internally
154
Elements of Internal Control: (CRIME) • I = Information and Communication 3 principles management and those charge with governance: 3. Comm_______ externally
Elements of Internal Control: (CRIME) • I = Information and Communication 3 principles management and those charge with governance: 3. Communicate externally
155
Elements of Internal Control: (CRIME) • I = Information and Communication 3 principles management and those charge with governance: 3. Communicate ext______y
Elements of Internal Control: (CRIME) • I = Information and Communication 3 principles management and those charge with governance: 3. Communicate externally
156
Elements of Internal Control: (CRIME) • I = Information and Communication 3 principles management and those charge with governance: 1. U__ relevant information 2. Co________ internally 3. Co________ externally
Elements of Internal Control: (CRIME) • I = Information and Communication 3 principles management and those charge with governance: 1. Use relevant information 2. Communicate internally 3. Communicate externally
157
What information and communication component of internal control relates to?
Elements of Internal Control: (CRIME) • I = Information and Communication The information and communication component of internal control relates to the flow of information to and from the entity as well as within the entity.
158
Why the Information should flow in all directions? so that (1) management’s directives can be ________________ and so that (2) management can obtain ________
Elements of Internal Control: (CRIME) • I = Information and Communication Why the Information should flow in all directions? Information should flow in all directions so that (1) management’s directives can be properly communicated and so that (2) management can obtain feedback or long answer ---- Information should flow in all directions so that management’s directives can be properly communicated to those who are expected to work toward achieving them and so that management can obtain feedback to determine if objectives are being achieved.
159
Elements of Internal Control: (CRIME) 1. Control Environment (CHOPPER) 2. Risk Assessment 3. Control Activities 4. Information and Communication 5. Monitoring or 5 components of internal control (CRIME) * Control activities * Risk assessment * Information and communication * Monitoring * Control Environment
Elements of Internal Control: (CRIME) 1. Control Environment (CHOPPER) 2. Risk Assessment 3. Control Activities 4. Information and Communication 5. Monitoring or 5 components of internal control (CRIME) * Control activities * Risk assessment * Information and communication * Monitoring * Control Environment
160
Elements of Internal Control: (CRIME) • M = Monitoring Monitoring activities are the means by which ma_________t determines if internal controls are being followed and if they are effective.
Elements of Internal Control: (CRIME) • M = Monitoring Monitoring activities are the means by which management determines if internal controls are being followed and if they are effective.
161
Elements of Internal Control: (CRIME) • M = Monitoring Mo______ing activities are the means by which management determines if internal controls are being followed and if they are effective.
Elements of Internal Control: (CRIME) • M = Monitoring Monitoring activities are the means by which management determines if internal controls are being followed and if they are effective.
162
Elements of Internal Control: (CRIME) • M = Monitoring Monitoring act____ies are the means by which management determines if internal controls are being followed and if they are effective.
Elements of Internal Control: (CRIME) • M = Monitoring Monitoring activities are the means by which management determines if internal controls are being followed and if they are effective.
163
Elements of Internal Control: (CRIME) • M = Monitoring Monitoring activities are the means by which management det_______es if internal controls are being followed and if they are effective.
Elements of Internal Control: (CRIME) • M = Monitoring Monitoring activities are the means by which management determines if internal controls are being followed and if they are effective.
164
Elements of Internal Control: (CRIME) • M = Monitoring Monitoring activities are the means by which management determines if internal con____s are being followed and if they are effective.
Elements of Internal Control: (CRIME) • M = Monitoring Monitoring activities are the means by which management determines if internal controls are being followed and if they are effective.
165
Elements of Internal Control: (CRIME) • M = Monitoring Monitoring activities are the means by which management determines if internal controls are being fo____ed and if they are effective.
Elements of Internal Control: (CRIME) • M = Monitoring Monitoring activities are the means by which management determines if internal controls are being followed and if they are effective.
166
Elements of Internal Control: (CRIME) • M = Monitoring Monitoring activities are the means by which management determines if internal controls are being followed and if they are eff_____e.
Elements of Internal Control: (CRIME) • M = Monitoring Monitoring activities are the means by which management determines if internal controls are being followed and if they are effective.
167
Elements of Internal Control: (CRIME) • M = Monitoring Controls are mo_____ed thorough some combination of ongoing activities, which are generally part of recurring activities
Elements of Internal Control: (CRIME) • M = Monitoring Controls are monitored thorough some combination of ongoing activities, which are generally part of recurring activities such as the supervision of employees; and separate evaluations.
168
Elements of Internal Control: (CRIME) • M = Monitoring Co______s are monitored thorough some combination of ongoing activities, which are generally part of recurring activities
Elements of Internal Control: (CRIME) • M = Monitoring Controls are monitored thorough some combination of ongoing activities, which are generally part of recurring activities
169
Elements of Internal Control: (CRIME) • M = Monitoring Controls are monitored thorough some com_______n of ongoing activities, which are generally part of recurring activities
Elements of Internal Control: (CRIME) • M = Monitoring Controls are monitored thorough some combination of ongoing activities, which are generally part of recurring activities
170
Elements of Internal Control: (CRIME) • M = Monitoring Controls are monitored thorough some combination of ongoing ac____ies, which are generally part of recurring activities
Elements of Internal Control: (CRIME) • M = Monitoring Controls are monitored thorough some combination of ongoing activities, which are generally part of recurring activities
171
Elements of Internal Control: (CRIME) • M = Monitoring Controls are monitored thorough some combination of on__ing activities, which are generally part of recurring activities
Elements of Internal Control: (CRIME) • M = Monitoring Controls are monitored thorough some combination of ongoing activities, which are generally part of recurring activities
172
Elements of Internal Control: (CRIME) • M = Monitoring Controls are monitored thorough some combination of ongoing activities, which are generally part of rec___ing activities
Elements of Internal Control: (CRIME) • M = Monitoring Controls are monitored thorough some combination of ongoing activities, which are generally part of recurring activities such as the supervision of employees; and separate evaluations.
173
Elements of Internal Control: (CRIME) • M = Monitoring Controls are monitored thorough some combination of ongoing activities, which are generally part of recurring activities such as the sup_____ion of employees; and separate evaluations.
Elements of Internal Control: (CRIME) • M = Monitoring Controls are monitored thorough some combination of ongoing activities, which are generally part of recurring activities such as the supervision of employees; and separate evaluations.
174
Elements of Internal Control: (CRIME) • M = Monitoring Controls are monitored thorough some combination of ongoing activities, which are generally part of recurring activities such as the supervision of em___ees; and separate evaluations.
Elements of Internal Control: (CRIME) • M = Monitoring Controls are monitored thorough some combination of ongoing activities, which are generally part of recurring activities such as the supervision of employees; and separate evaluations.
175
Elements of Internal Control: (CRIME) • M = Monitoring Controls are monitored thorough some combination of ongoing activities, which are generally part of recurring activities such as the supervision of employees; and separate eva________s.
Elements of Internal Control: (CRIME) • M = Monitoring Controls are monitored thorough some combination of ongoing activities, which are generally part of recurring activities such as the supervision of employees; and separate evaluations.
176
Elements of Internal Control: (CRIME) • M = Monitoring Monitoring activities are the means by which management determines if int______ controls are being followed and if they are effective. Controls are monitored thorough some combination of ongoing activities, which are generally part of recurring activities such as the supervision of employees; and separate evaluations.
Elements of Internal Control: (CRIME) • M = Monitoring Monitoring activities are the means by which management determines if internal controls are being followed and if they are effective. Controls are monitored thorough some combination of ongoing activities, which are generally part of recurring activities such as the supervision of employees; and separate evaluations.
177
Elements of Internal Control: (CRIME) • M = Monitoring Monitoring activities are the means by which management determines if internal controls are being followed and if they are effective. Con____s are monitored thorough some combination of ongoing activities, which are generally part of recurring activities such as the supervision of employees; and separate evaluations.
Elements of Internal Control: (CRIME) • M = Monitoring Monitoring activities are the means by which management determines if internal controls are being followed and if they are effective. Controls are monitored thorough some combination of ongoing activities, which are generally part of recurring activities such as the supervision of employees; and separate evaluations.
178
Elements of Internal Control: (CRIME) • M = Monitoring Monitoring activities are the means by which management determines if internal controls are being followed and if they are effective. Controls are monitored thorough some combination of ongoing activities, which are generally part of recurring activities such as the supervision of employees; and sep______ evaluations.
Elements of Internal Control: (CRIME) • M = Monitoring Monitoring activities are the means by which management determines if internal controls are being followed and if they are effective. Controls are monitored thorough some combination of ongoing activities, which are generally part of recurring activities such as the supervision of employees; and separate evaluations.
179
Elements of Internal Control: (CRIME) • M = Monitoring When the en___y has an internal audit function, understanding the role it plays contributes to the auditor’s understanding of the entity and its environment, and, in particular, its internal control.
Elements of Internal Control: (CRIME) • M = Monitoring When the entity has an internal audit function, understanding the role it plays contributes to the auditor’s understanding of the entity and its environment, and, in particular, its internal control.
180
Elements of Internal Control: (CRIME) • M = Monitoring When the entity has an internal au___ function, understanding the role it plays contributes to the auditor’s understanding of the entity and its environment, and, in particular, its internal control.
Elements of Internal Control: (CRIME) • M = Monitoring When the entity has an internal audit function, understanding the role it plays contributes to the auditor’s understanding of the entity and its environment, and, in particular, its internal control.
181
Elements of Internal Control: (CRIME) • M = Monitoring When the entity has an internal audit function, und_______ing the role it plays contributes to the auditor’s understanding of the entity and its environment, and, in particular, its internal control.
Elements of Internal Control: (CRIME) • M = Monitoring When the entity has an internal audit function, understanding the role it plays contributes to the auditor’s understanding of the entity and its environment, and, in particular, its internal control.
182
Elements of Internal Control: (CRIME) • M = Monitoring When the entity has an internal audit function, understanding the role it plays contributes to the auditor’s und_______ing of the entity and its environment, and, in particular, its internal control.
Elements of Internal Control: (CRIME) • M = Monitoring When the entity has an internal audit function, understanding the role it plays contributes to the auditor’s understanding of the entity and its environment, and, in particular, its internal control.
183
Elements of Internal Control: (CRIME) • M = Monitoring When the entity has an internal audit function, understanding the role it plays contributes to the auditor’s understanding of the en___y and its environment, and, in particular, its internal control.
Elements of Internal Control: (CRIME) • M = Monitoring When the entity has an internal audit function, understanding the role it plays contributes to the auditor’s understanding of the entity and its environment, and, in particular, its internal control.
184
Elements of Internal Control: (CRIME) • M = Monitoring When the entity has an internal audit function, understanding the role it plays contributes to the auditor’s understanding of the entity and its env_________, and, in particular, its internal control.
Elements of Internal Control: (CRIME) • M = Monitoring When the entity has an internal audit function, understanding the role it plays contributes to the auditor’s understanding of the entity and its environment, and, in particular, its internal control.
185
Elements of Internal Control: (CRIME) • M = Monitoring When the entity has an internal audit function, understanding the role it plays contributes to the auditor’s understanding of the entity and its environment, and, in particular, its in______l control.
Elements of Internal Control: (CRIME) • M = Monitoring When the entity has an internal audit function, understanding the role it plays contributes to the auditor’s understanding of the entity and its environment, and, in particular, its internal control.
186
Elements of Internal Control: (CRIME) • M = Monitoring When the entity has an internal audit function, understanding the ro__ it plays contributes to the auditor’s understanding of the entity and its environment, and, in particular, its internal control.
Elements of Internal Control: (CRIME) • M = Monitoring When the entity has an internal audit function, understanding the role it plays contributes to the auditor’s understanding of the entity and its environment, and, in particular, its internal control.
187
Elements of Internal Control: (CRIME) • M = Monitoring When the entity has an internal audit function, understanding the role it plays contributes to the auditor’s understanding of the entity and its environment, and, in particular, its internal co____l.
Elements of Internal Control: (CRIME) • M = Monitoring When the entity has an internal audit function, understanding the role it plays contributes to the auditor’s understanding of the entity and its environment, and, in particular, its internal control.
188
Elements of Internal Control: (CRIME) • M = Monitoring When the entity has an internal audit function, understanding the role it plays contributes to the auditor’s understanding of the entity and its environment, and, in particular, its internal control. In some circumstances, the au_____ may use the work performed by the entity’s internal auditor’s
Elements of Internal Control: (CRIME) • M = Monitoring When the entity has an internal audit function, understanding the role it plays contributes to the auditor’s understanding of the entity and its environment, and, in particular, its internal control. In some circumstances, the auditor may use the work performed by the entity’s internal auditor’s
189
Elements of Internal Control: (CRIME) • M = Monitoring When the entity has an internal audit function... In some circ________es, the auditor may use the work performed by the entity’s internal auditor’s
Elements of Internal Control: (CRIME) • M = Monitoring When the entity has an internal audit function... In some circumstances, the auditor may use the work performed by the entity’s internal auditor’s
190
Elements of Internal Control: (CRIME) • M = Monitoring When the entity has an internal audit function... In some circumstances, the au_____ may use the work performed by the entity’s internal auditor’s
Elements of Internal Control: (CRIME) • M = Monitoring When the entity has an internal audit function... In some circumstances, the auditor may use the work performed by the entity’s internal auditor’s
191
Elements of Internal Control: (CRIME) • M = Monitoring When the entity has an internal audit function... In some circumstances, the auditor may use the work performed by the entity’s int______ auditor’s
Elements of Internal Control: (CRIME) • M = Monitoring When the entity has an internal audit function... In some circumstances, the auditor may use the work performed by the entity’s internal auditor’s
192
Elements of Internal Control: (CRIME) • M = Monitoring When the entity has an internal audit function... In some circumstances, the auditor may use the work performed by the e____y’s internal auditor’s
Elements of Internal Control: (CRIME) • M = Monitoring When the entity has an internal audit function... In some circumstances, the auditor may use the work performed by the entity’s internal auditor’s either to modify the nature, timing, or extent of other audit procedures to be performed, or to assist in the performance of audit procedures under the oversight of the auditor.
193
Elements of Internal Control: (CRIME) • M = Monitoring When the entity has an internal audit function... In some circumstances, the auditor may use the work performed by the entity’s internal auditor’s either to mo___y the nature, timing, or extent of other audit procedures to be performed,
Elements of Internal Control: (CRIME) • M = Monitoring When the entity has an internal audit function... In some circumstances, the auditor may use the work performed by the entity’s internal auditor’s either to modify the nature, timing, or extent of other audit procedures to be performed,
194
Elements of Internal Control: (CRIME) • M = Monitoring When the entity has an internal audit function... In some circumstances, the auditor may use the work performed by the entity’s internal auditor’s either to modify the na___e, timing, or extent of other audit procedures to be performed,
Elements of Internal Control: (CRIME) • M = Monitoring When the entity has an internal audit function... In some circumstances, the auditor may use the work performed by the entity’s internal auditor’s either to modify the nature, timing, or extent of other audit procedures to be performed,
195
Elements of Internal Control: (CRIME) • M = Monitoring When the entity has an internal audit function... In some circumstances, the auditor may use the work performed by the entity’s internal auditor’s either to modify the nature, t__ing, or extent of other audit procedures to be performed,
Elements of Internal Control: (CRIME) • M = Monitoring When the entity has an internal audit function... In some circumstances, the auditor may use the work performed by the entity’s internal auditor’s either to modify the nature, timing, or extent of other audit procedures to be performed,
196
Elements of Internal Control: (CRIME) • M = Monitoring When the entity has an internal audit function... In some circumstances, the auditor may use the work performed by the entity’s internal auditor’s either to modify the nature, timing, or ex____ of other audit procedures to be performed,
Elements of Internal Control: (CRIME) • M = Monitoring When the entity has an internal audit function... In some circumstances, the auditor may use the work performed by the entity’s internal auditor’s either to modify the nature, timing, or extent of other audit procedures to be performed,
197
Elements of Internal Control: (CRIME) • M = Monitoring When the entity has an internal audit function... In some circumstances, the auditor may use the work performed by the entity’s internal auditor’s either to modify the nature, timing, or extent of other audit pro_____es to be performed,
Elements of Internal Control: (CRIME) • M = Monitoring When the entity has an internal audit function... In some circumstances, the auditor may use the work performed by the entity’s internal auditor’s either to modify the nature, timing, or extent of other audit procedures to be performed,
198
Elements of Internal Control: (CRIME) • M = Monitoring When the entity has an internal audit function... In some circumstances, the auditor may use the work performed by the entity’s internal auditor’s either to modify the nature, timing, or extent of other audit procedures to be per____ed,
Elements of Internal Control: (CRIME) • M = Monitoring When the entity has an internal audit function... In some circumstances, the auditor may use the work performed by the entity’s internal auditor’s either to modify the nature, timing, or extent of other audit procedures to be performed, or to assist in the performance of audit procedures under the oversight of the auditor.
199
Elements of Internal Control: (CRIME) • M = Monitoring When the entity has an internal audit function... In some circumstances, the auditor may use the work performed by the entity’s internal auditor’s either to modify the nature, timing, or extent of other audit procedures to be performed, or to as___t in the performance of audit procedures under the oversight of the auditor.
Elements of Internal Control: (CRIME) • M = Monitoring When the entity has an internal audit function... In some circumstances, the auditor may use the work performed by the entity’s internal auditor’s either to modify the nature, timing, or extent of other audit procedures to be performed, or to assist in the performance of audit procedures under the oversight of the auditor.
200
Elements of Internal Control: (CRIME) • M = Monitoring When the entity has an internal audit function... In some circumstances, the auditor may use the work performed by the entity’s internal auditor’s either to modify the nature, timing, or extent of other audit procedures to be performed, or to assist in the perf_______e of audit procedures under the oversight of the auditor.
Elements of Internal Control: (CRIME) • M = Monitoring When the entity has an internal audit function... In some circumstances, the auditor may use the work performed by the entity’s internal auditor’s either to modify the nature, timing, or extent of other audit procedures to be performed, or to assist in the performance of audit procedures under the oversight of the auditor.
201
Elements of Internal Control: (CRIME) • M = Monitoring When the entity has an internal audit function... In some circumstances, the auditor may use the work performed by the entity’s internal auditor’s either to modify the nature, timing, or extent of other audit procedures to be performed, or to assist in the performance of au___ procedures under the oversight of the auditor.
Elements of Internal Control: (CRIME) • M = Monitoring When the entity has an internal audit function... In some circumstances, the auditor may use the work performed by the entity’s internal auditor’s either to modify the nature, timing, or extent of other audit procedures to be performed, or to assist in the performance of audit procedures under the oversight of the auditor.
202
Elements of Internal Control: (CRIME) • M = Monitoring When the entity has an internal audit function... In some circumstances, the auditor may use the work performed by the entity’s internal auditor’s either to modify the nature, timing, or extent of other audit procedures to be performed, or to assist in the performance of audit procedures under the over_____ of the auditor.
Elements of Internal Control: (CRIME) • M = Monitoring When the entity has an internal audit function... In some circumstances, the auditor may use the work performed by the entity’s internal auditor’s either to modify the nature, timing, or extent of other audit procedures to be performed, or to assist in the performance of audit procedures under the oversight of the auditor.
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Elements of Internal Control: (CRIME) • M = Monitoring When the entity has an internal audit function... In some circumstances, the auditor may use the work performed by the entity’s internal auditor’s either to modify the nature, timing, or extent of other audit procedures to be performed, or to assist in the performance of audit procedures under the oversight of the au_____.
Elements of Internal Control: (CRIME) • M = Monitoring When the entity has an internal audit function... In some circumstances, the auditor may use the work performed by the entity’s internal auditor’s either to modify the nature, timing, or extent of other audit procedures to be performed, or to assist in the performance of audit procedures under the oversight of the auditor.
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Elements of Internal Control: (CRIME) • M = Monitoring When the entity has an int_____ audit function, understanding the role it plays contributes to the auditor’s understanding of the entity and its environment, and, in particular, its internal control. In some circumstances, the auditor may use the work performed by the entity’s internal auditor’s either to modify the nature, timing, or extent of other audit procedures to be performed, or to assist in the performance of audit procedures under the oversight of the auditor.
Elements of Internal Control: (CRIME) • M = Monitoring When the entity has an internal audit function, understanding the role it plays contributes to the auditor’s understanding of the entity and its environment, and, in particular, its internal control. In some circumstances, the auditor may use the work performed by the entity’s internal auditor’s either to modify the nature, timing, or extent of other audit procedures to be performed, or to assist in the performance of audit procedures under the oversight of the auditor.
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Elements of Internal Control: (CRIME) • M = Monitoring When the entity has an internal audit function, understanding the role it plays contributes to the auditor’s understanding of the entity and its environment, and, in particular, its internal control. In some circumstances, the auditor may u__ the work performed by the entity’s internal auditor’s either to modify the nature, timing, or extent of other audit procedures to be performed, or to assist in the performance of audit procedures under the oversight of the auditor.
Elements of Internal Control: (CRIME) • M = Monitoring When the entity has an internal audit function, understanding the role it plays contributes to the auditor’s understanding of the entity and its environment, and, in particular, its internal control. In some circumstances, the auditor may use the work performed by the entity’s internal auditor’s either to modify the nature, timing, or extent of other audit procedures to be performed, or to assist in the performance of audit procedures under the oversight of the auditor.
206
Elements of Internal Control: (CRIME) • M = Monitoring When the entity has an internal audit function, understanding the role it plays contributes to the auditor’s understanding of the entity and its environment, and, in particular, its internal control. In some circumstances, the auditor may USE the work performed by the entity’s internal auditor’s either to MODIFY the nature, timing, or extent of other audit procedures to be performed, or to ASSIST in the performance of audit procedures under the oversight of the auditor.
Elements of Internal Control: (CRIME) • M = Monitoring When the entity has an internal audit function, understanding the role it plays contributes to the auditor’s understanding of the entity and its environment, and, in particular, its internal control. In some circumstances, the auditor may USE the work performed by the entity’s internal auditor’s either to MODIFY the nature, timing, or extent of other audit procedures to be performed, or to ASSIST in the performance of audit procedures under the oversight of the auditor.
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Elements of Internal Control: (CRIME) • M = Monitoring In addition to obtaining an und_______ing of how the entity monitors its internal controls, the auditor should also obtain an understanding of the information that is used in the entity’s monitoring activities,
Elements of Internal Control: (CRIME) • M = Monitoring In addition to obtaining an understanding of how the entity monitors its internal controls, the auditor should also obtain an understanding of the information that is used in the entity’s monitoring activities,
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Elements of Internal Control: (CRIME) • M = Monitoring In addition to obtaining an understanding of how the entity mon____s its int_____ controls, the auditor should also obtain an understanding of the information that is used in the entity’s monitoring activities,
Elements of Internal Control: (CRIME) • M = Monitoring In addition to obtaining an understanding of how the entity monitors its internal controls, the auditor should also obtain an understanding of the information that is used in the entity’s monitoring activities,
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Elements of Internal Control: (CRIME) • M = Monitoring In addition to obtaining an understanding of how the e____y monitors its internal controls, the auditor should also obtain an understanding of the information that is used in the entity’s monitoring activities,
Elements of Internal Control: (CRIME) • M = Monitoring In addition to obtaining an understanding of how the entity monitors its internal controls, the auditor should also obtain an understanding of the information that is used in the entity’s monitoring activities,
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Elements of Internal Control: (CRIME) • M = Monitoring In addition to obtaining an understanding of how the entity monitors its internal controls, the auditor should also ob____ an understanding of the information that is used in the entity’s monitoring activities,
Elements of Internal Control: (CRIME) • M = Monitoring In addition to obtaining an understanding of how the entity monitors its internal controls, the auditor should also obtain an understanding of the information that is used in the entity’s monitoring activities,
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Elements of Internal Control: (CRIME) • M = Monitoring In addition to obtaining an understanding of how the entity monitors its internal controls, the auditor should also obtain an under____ing of the information that is used in the entity’s monitoring activities,
Elements of Internal Control: (CRIME) • M = Monitoring In addition to obtaining an understanding of how the entity monitors its internal controls, the auditor should also obtain an understanding of the information that is used in the entity’s monitoring activities,
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Elements of Internal Control: (CRIME) • M = Monitoring In addition to obtaining an understanding of how the entity monitors its internal controls, the auditor should also obtain an understanding of the inf_________ that is used in the entity’s monitoring activities,
Elements of Internal Control: (CRIME) • M = Monitoring In addition to obtaining an understanding of how the entity monitors its internal controls, the auditor should also obtain an understanding of the information that is used in the entity’s monitoring activities,
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Elements of Internal Control: (CRIME) • M = Monitoring In addition to obtaining an understanding of how the entity monitors its internal controls, the auditor should also obtain an understanding of the information that is used in the entity’s mon____ing activities,
Elements of Internal Control: (CRIME) • M = Monitoring In addition to obtaining an understanding of how the entity monitors its internal controls, the auditor should also obtain an understanding of the information that is used in the entity’s monitoring activities,
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Elements of Internal Control: (CRIME) • M = Monitoring In addition to obtaining an understanding of how the entity monitors its internal controls, the auditor should also obtain an understanding of the information that is used in the entity’s monitoring ac____ies,
Elements of Internal Control: (CRIME) • M = Monitoring In addition to obtaining an understanding of how the entity monitors its internal controls, the auditor should also obtain an understanding of the information that is used in the entity’s monitoring activities,
215
Elements of Internal Control: (CRIME) • M = Monitoring In addition to obtaining an understanding of how the entity monitors its internal controls, the auditor should also obtain an understanding of the information that is u_ed in the entity’s monitoring activities,
Elements of Internal Control: (CRIME) • M = Monitoring In addition to obtaining an understanding of how the entity monitors its internal controls, the auditor should also obtain an understanding of the information that is used in the entity’s monitoring activities, the sources of that information,
216
Elements of Internal Control: (CRIME) • M = Monitoring In addition to obtaining an understanding of how the entity monitors its internal controls, the auditor should also obtain an understanding of the information that is used in the entity’s monitoring activities, the so___es of that information,
Elements of Internal Control: (CRIME) • M = Monitoring In addition to obtaining an understanding of how the entity monitors its internal controls, the auditor should also obtain an understanding of the information that is used in the entity’s monitoring activities, the sources of that information,
217
Elements of Internal Control: (CRIME) • M = Monitoring In addition to obtaining an understanding of how the entity monitors its internal controls, the auditor should also obtain an understanding of the information that is used in the entity’s monitoring activities, the sources of that inf_________,
Elements of Internal Control: (CRIME) • M = Monitoring In addition to obtaining an understanding of how the entity monitors its internal controls, the auditor should also obtain an understanding of the information that is used in the entity’s monitoring activities, the sources of that information, and the basis upon which the reliability of the information is evaluated.
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Elements of Internal Control: (CRIME) • M = Monitoring In addition to obtaining an understanding of how the entity monitors its internal controls, the auditor should also obtain an understanding of the information that is used in the entity’s monitoring activities, the sources of that information, and the ba___ upon which the reliability of the information is evaluated.
Elements of Internal Control: (CRIME) • M = Monitoring In addition to obtaining an understanding of how the entity monitors its internal controls, the auditor should also obtain an understanding of the information that is used in the entity’s monitoring activities, the sources of that information, and the basis upon which the reliability of the information is evaluated.
219
Elements of Internal Control: (CRIME) • M = Monitoring In addition to obtaining an understanding of how the entity monitors its internal controls, the auditor should also obtain an understanding of the information that is used in the entity’s monitoring activities, the sources of that information, and the basis upon which the rel_____y of the information is evaluated.
Elements of Internal Control: (CRIME) • M = Monitoring In addition to obtaining an understanding of how the entity monitors its internal controls, the auditor should also obtain an understanding of the information that is used in the entity’s monitoring activities, the sources of that information, and the basis upon which the reliability of the information is evaluated.
220
Elements of Internal Control: (CRIME) • M = Monitoring In addition to obtaining an understanding of how the entity monitors its internal controls, the auditor should also obtain an understanding of the information that is used in the entity’s monitoring activities, the sources of that information, and the basis upon which the reliability of the information is eva____ed.
Elements of Internal Control: (CRIME) • M = Monitoring In addition to obtaining an understanding of how the entity monitors its internal controls, the auditor should also obtain an understanding of the information that is used in the entity’s monitoring activities, the sources of that information, and the basis upon which the reliability of the information is evaluated.
221
Elements of Internal Control: (CRIME) • M = Monitoring In addition to obtaining an understanding of how the entity monitors its internal controls, the auditor should also obtain an understanding of the information that is used in the entity’s monitoring activities, the sources of that information, and the basis upon which the reliability of the info________ is evaluated.
Elements of Internal Control: (CRIME) • M = Monitoring In addition to obtaining an understanding of how the entity monitors its internal controls, the auditor should also obtain an understanding of the information that is used in the entity’s monitoring activities, the sources of that information, and the basis upon which the reliability of the information is evaluated.
222
Elements of Internal Control: (CRIME) • M = Monitoring In addition to obtaining an und_______ing of how the entity monitors its internal controls, the auditor should also obtain an understanding of the information that is used in the entity’s monitoring activities, the sources of that information, and the basis upon which the reliability of the information is evaluated.
Elements of Internal Control: (CRIME) • M = Monitoring In addition to obtaining an understanding of how the entity monitors its internal controls, the auditor should also obtain an understanding of the information that is used in the entity’s monitoring activities, the sources of that information, and the basis upon which the reliability of the information is evaluated.
223
Elements of Internal Control: (CRIME) • M = Monitoring C___ has indicated that there are 2 principles related to monitoring.
Elements of Internal Control: (CRIME) • M = Monitoring COSO has indicated that there are 2 principles related to monitoring.
224
Elements of Internal Control: (CRIME) • M = Monitoring COSO has indicated that there are 2 prin____s related to monitoring.
Elements of Internal Control: (CRIME) • M = Monitoring COSO has indicated that there are 2 principles related to monitoring.
225
Elements of Internal Control: (CRIME) • M = Monitoring COSO has indicated that there are _ principles related to monitoring.
Elements of Internal Control: (CRIME) • M = Monitoring COSO has indicated that there are 2 principles related to monitoring.
226
Elements of Internal Control: (CRIME) • M = Monitoring COSO has indicated that there are 2 principles related to mon_____ing.
Elements of Internal Control: (CRIME) • M = Monitoring COSO has indicated that there are 2 principles related to monitoring.
227
Elements of Internal Control: (CRIME) • M = Monitoring COSO has indicated that there are 2 principles related to monitoring. they indicate that ma________t and those charge with governance: 1. Conduct ongoing and/or separate evaluations; and 2. Evaluate and communicate deficiencies
Elements of Internal Control: (CRIME) • M = Monitoring COSO has indicated that there are 2 principles related to monitoring. they indicate that management and those charge with governance: 1. Conduct ongoing and/or separate evaluations; and 2. Evaluate and communicate deficiencies
228
Elements of Internal Control: (CRIME) • M = Monitoring 2 principles management and those charge with gov________: 1. Conduct ongoing and/or separate evaluations; and 2. Evaluate and communicate deficiencies
Elements of Internal Control: (CRIME) • M = Monitoring 2 principles management and those charge with governance: 1. Conduct ongoing and/or separate evaluations; and 2. Evaluate and communicate deficiencies
229
Elements of Internal Control: (CRIME) • M = Monitoring 2 principles management and those charge with governance: 1. Conduct on__ing and/or separate evaluations;
Elements of Internal Control: (CRIME) • M = Monitoring 2 principles management and those charge with governance: 1. Conduct ongoing and/or separate evaluations;
230
Elements of Internal Control: (CRIME) • M = Monitoring 2 principles management and those charge with governance: 1. Con____ ongoing and/or separate evaluations;
Elements of Internal Control: (CRIME) • M = Monitoring 2 principles management and those charge with governance: 1. Conduct ongoing and/or separate evaluations;
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Elements of Internal Control: (CRIME) • M = Monitoring 2 principles management and those charge with governance: 1. Conduct ongoing a__/or separate evaluations;
Elements of Internal Control: (CRIME) • M = Monitoring 2 principles management and those charge with governance: 1. Conduct ongoing and/or separate evaluations;
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Elements of Internal Control: (CRIME) • M = Monitoring 2 principles management and those charge with governance: 1. Conduct ongoing and/or separate eva______s;
Elements of Internal Control: (CRIME) • M = Monitoring 2 principles management and those charge with governance: 1. Conduct ongoing and/or separate evaluations;
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Elements of Internal Control: (CRIME) • M = Monitoring 2 principles management and those charge with governance: 1. Conduct ongoing and/or sep______ evaluations;
Elements of Internal Control: (CRIME) • M = Monitoring 2 principles management and those charge with governance: 1. Conduct ongoing and/or separate evaluations;
234
Elements of Internal Control: (CRIME) • M = Monitoring 2 principles management and those charge with governance: 2. Eval_____ and communicate deficiencies
Elements of Internal Control: (CRIME) • M = Monitoring 2 principles management and those charge with governance: 2. Evaluate and communicate deficiencies
235
Elements of Internal Control: (CRIME) • M = Monitoring 2 principles management and those charge with governance: 2. Evaluate and com________ deficiencies
Elements of Internal Control: (CRIME) • M = Monitoring 2 principles management and those charge with governance: 2. Evaluate and communicate deficiencies
236
Elements of Internal Control: (CRIME) • M = Monitoring 2 principles management and those charge with governance: 2. Evaluate a__ communicate deficiencies
Elements of Internal Control: (CRIME) • M = Monitoring 2 principles management and those charge with governance: 2. Evaluate and communicate deficiencies
237
Elements of Internal Control: (CRIME) • M = Monitoring 2 principles management and those charge with governance: 2. Evaluate and communicate defi_____ies
Elements of Internal Control: (CRIME) • M = Monitoring 2 principles management and those charge with governance: 2. Evaluate and communicate deficiencies
238
Elements of Internal Control: (CRIME) • M = Monitoring 2 principles management and those ch___e with governance: 1. Conduct ongoing and/or separate evaluations; and 2. Evaluate and communicate deficiencies
Elements of Internal Control: (CRIME) • M = Monitoring 2 principles management and those charge with governance: 1. Conduct ongoing and/or separate evaluations; and 2. Evaluate and communicate deficiencies
239
What does monitoring activities mean?
What does monitoring activities mean? Monitoring activities are the means by which management determines if internal controls are being followed and if they are effective.
240
Management monitors internal controls to determine if the internal controls 1) ___________________ 2) _______________
Management monitors internal controls to determine if the internal controls 1) are being followed 2) are effective Monitoring activities are the means by which management determines if internal controls are being followed and if they are effective.
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The auditor may use the work performed by the entity’s internal auditor’s either to 1) modify the ______________________________ to be performed, or to 2) assist in the ________________________ under the oversight of the auditor.
The auditor may use the work performed by the entity’s internal auditor’s either to 1) modify the nature, timing, or extent of other audit procedures to be performed, or to 2) assist in the performance of audit procedures under the oversight of the auditor. In some circumstances, the auditor may use the work performed by the entity’s internal auditor’s either to modify the nature, timing, or extent of other audit procedures to be performed, or to assist in the performance of audit procedures under the oversight of the auditor.

CPA AUD Flashcards (62 decks)

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