Risk Assessment Flashcards
1
Q
Analytical Procedures
A
- evaluations of financial information made by a study of plausible relationships among data, and they include comparisons between current year and prior year financial information
- usually use financial and nonfinancial data aggregated at a high level.
2
Q
Control Environment
“Crime”
A
- integrity
- Competence
- participation of those charged with governance
- management philosophy
- organizational structure
- assignment of responsibility
- human resources
3
Q
Risk Assessment
“cRime”
A
-risks are generally related to changes
4
Q
Information and Communications Systems
“crime”
A
- initiating, authorizing, recording, processing, and reporting entity transactions, conditions, and events.
- communicating roles and responsibilities
5
Q
Monitoring
“criMe”
A
- internal audit function
- regular management and supervisory activities
- other procedures such as mailing customer statements
6
Q
Existing Control Activities
“Existing Control Activities”
A
- authorization
- segregation of duties
- safeguarding assets
- asset accountability
