TAILIEUCHUNG - Lecture Auditing & assurance services (5th edition) - Chapter 5: Risk assessment: Internal control evaluation

Chapter 5 - Risk assessment: Internal control evaluation. This chapter define and describe internal control and explain the limitations of all internal control systems, distinguish between the responsibilities of management and auditors regarding an entity’s internal control, define and describe the five basic components of internal control and specify some of their characteristics. | Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Chapter 05 Risk Assessment: Internal Control Evaluation “Bernie doesn’t want you to use the words “internal controls” in any more of your audit reports it aggravates him. ” -- Cynthia Cooper referring to advice given her by a colleague on how to best deal with Bernie Ebbers, the then CEO of WorldCom right before she uncovered an $11 Billion dollar fraud that Ebbers directed. 5- Learning Objectives Define and describe internal control and explain the limitations of all internal control systems. Distinguish between the responsibilities of management and auditors regarding an entity’s internal control. Define and describe the five basic components of internal control and specify some of their characteristics. Explain the process the audit team uses to assess control risk, understand its impact on the risk of material misstatement, and, ultimately, to know how it affects the nature, timing, and extent of substantive testing to be performed on the audit. 5- Learning Objectives (cont.) Describe additional responsibilities for management and auditors of public companies required by Sarbanes-Oxley and Auditing Standard No. 5. List the major components of the auditors’ report on internal control over financial reporting. Describe situations in which the auditors’ report on internal control over financial reporting would be modified. Explain the communication of internal control deficiencies to those charged with governance such as the audit committee and other key management personnel. 5- Internal Control Defined Internal control is a process, effected by an entity’s board of directors, management and other personnel, designed to provide reasonable assurance regarding the achievement of objectives in the following three categories: Reliability of financial reporting Effectiveness and efficiency of operations Compliance with applicable laws and regulations .

• Kế toán - Kiểm toán
• Risk assessment
• Internal control evaluation
• Assurance services
• Auditing services
• Financial statement audit
• Contemporary auditing environment
• Nuclear engineering and technology
• Integrated Level 1eLevel 2
• Probabilistic risk assessment for boiling water reactors
• Boiling water reactors
• Large Early Release Frequency
• Level 1 Probabilistic Risk Assessment
• Level 2 Probabilistic Risk Assessment
• Human Health
• Ecological Risk Assessment
• Managing Risk
• Environmental Chemistry
• Ecotoxicity Testing
• Regional Scale Ecological
• Risk Assessors
• Decision Makers
• Stakeholders
• Regional Ecologica
• l Risk Assessment
• Storm surge
• Assessment of storm surge risk
• Storm surge risk in aquaculture
• The Northern coastal area
• Predatory mite
• Resistant risk assessment
• The insecticide resistant strains
• Ingrain resistance development
• In vivo experiment
• Domestic water
• Groundwater pollution
• Middle upper pleistocene aquifer
• Human health risk assessment for arsenic
• Drought index
• Tien river estuary
• Drought risk assessment
• Dry season
• Hazard identification and risk assessment
• Wastewater treatment
• Hazard identification
• Wastewater treatment plant
• Zoonotic disease
• Post exposure prophylaxis after
• Sentinel case of rabies
• Risk assessment and recommendation
• Finance accounting and Auditing
• Analytical procedures
• Audit firms
• Fraudulent financial reporting
• Fraud risk assessment procedures
• Fraud risk assessment
• Quantitative microbial risk assessment
• Fermented bean pastes contaminated with clostridium perfringens
• Fermented bean pastes
• Foodborne illness
• Multi unit Level 1 probabilistic safety assessment
• Six unit nuclear power plant site
• Multi unit Core Damage Frequency
• Multi unit Probabilistic
• Safety Assessment Multi unit
• Probabilistic Risk Assessment
• Multi unit Risk
• Site Core Damage Frequency
• Marine diesel engine
• Risk categorisation
• Risk level
• Maintenance strategy
• Accounting undergraduate Honors theses Industry level information affect auditors ’ assessment
• Client level risk
• The company’s industry
• Client level risk factors
• Expressway bridge
• Machine learning
• Random Forest
• Financial risk
• External risk
• risk management
• Harmonised assessment
• epidemic infectious
• intestinal disease
• Disease surveillance
• waterborne outbreaks
• Artificial Neural Network
• Failure mode
• Effect Analysis
• Construction project
• Vulnerability assessment due to the climate change
• Vinh Long province
• The climate change
• Planning suitable coping measures
• Adaptive capacity assessment methods
• Risk assessment matrix
• New Organisms
• Risk Managers
• Cycle Assessment
• Adaptive Management
• Ecosystem Management
• Impact Assessment
• Inadvertently present chemicals
• N nitrosamines
• Health risk assessment
• Chemical hazards
• science books
• Air Quality
• Indoor Air
• Risk Characterization
• Vietnam Journal of Science and Technology
• Occurrence of PAHs
• The atmosphere and incense burning area
• Toxic equivalent factor
• Incremental lifetime cancer risk
• Financial statement auditing
• Audit planning
• Internal control
• Auditing business processes
• Audit risk