Week 5 - Evaluate the Reliability of Controls Flashcards
1
Q
Evaluate the effectives of controls to:
A
- prevent
- detect
- correct
2
Q
What 3 considerations do we need to take?
A
- weakness
- consequence
- recommendations
3
Q
Weakness
A
Why is it a weakness?
4
Q
Consequence
A
Explain to client what could happen if control is not working as it should
5
Q
Recommendations
A
Give them practical/realistic recommendations
6
Q
How do we communicate these findings and recommendations?
A
Goes in a management letter to the management of the organisation at the end of the audit (NOT shareholders)
