Week 5 - Evaluate the Reliability of Controls Flashcards

1
Q

Evaluate the effectives of controls to:

A
  • prevent
  • detect
  • correct
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2
Q

What 3 considerations do we need to take?

A
  • weakness
  • consequence
  • recommendations
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3
Q

Weakness

A

Why is it a weakness?

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4
Q

Consequence

A

Explain to client what could happen if control is not working as it should

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5
Q

Recommendations

A

Give them practical/realistic recommendations

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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)

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