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AA Question Rote > Internal Control Summary > Flashcards

Internal Control Summary Flashcards

1
Q

First control?

A

Sales

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2
Q

Second control?

A

Purchase

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3
Q

Third control?

A

Inventory

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4
Q

Fourth control?

A

Payroll

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5
Q

Fifth control?

A

Non-current assets

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6
Q

Sixth control?

A

Bank and Cash

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7
Q

Identify deficiency (segragation)

A

Weak segragation duties

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8
Q

Identify deficiency (seniority)

A

Seniority of staff member

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9
Q

Identify deficiency (authorisation)

A

No authorisation

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10
Q

Identify deficiency (review)

A

No review of work

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11
Q

Identify deficiency (autom)

A

Automation vs manual

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12
Q

Identify deficiency (look no)

A

Look for no/not in the question

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13
Q

Identify deficiency (doc)

A

Documentational issue

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14
Q

Recommendation (repeat)

A

Don’t repeat

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15
Q

Recommendation (value)

A

Add value

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16
Q

Recommendation (who perform)

A

Who should perform the activity

17
Q

Recommendation (when perform)

A

When it should be performed

18
Q

Recommendation (frequency)

A

Frequency?

19
Q

Recommendation (specific)

A

Be specific

20
Q

What is meant by key control?

A

What management have taken to reduce fraud and error

21
Q

Keywords to explain key control?

A

Minimises/reduces the risk of

This ensures that

22
Q

Explain deficiency (sales)

A

Loss of future sales

23
Q

Explain deficiency (customer)

A

Loss of custoemr goodwill

24
Q

Explain deficiency (cash)

A

Cash flow problems

25
Q

Explain deficiency (cost)

A

Increase in cost

26
Q

Explain deficiency (result)

A

This could result in

27
Q

Explain deficiency (risk)

A

There is a risk that

28
Q

Test of control (enquire)

A

Enquire with management

29
Q

Test of control (observe)

A

Observe the process/activity

30
Q

Test of control (Reperform)

A

Reperform the test data

31
Q

Test of control (inspect)

A

Inspect documents

32
Q

Difference between internal controls and substantive procedures (anal)

A

Analytical procedures isn’t included in test of controls

33
Q

Who carries out tests of control?

34
Q

What is meant by a direct control?

A

Whether the control as described has been appropriately designed and is being operated in such a way that it would prevent or detect a material misstatement.

35
Q

What should a tests of control explain?

A

Detail must be given on specifically what is being done to achieve a check

36
Q

What should a control deficiency explain?

A

A clear understanding of how the deficiency will result in fraud and error is needed

AA Question Rote (27 decks)

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