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The Auditing and Attestation
module, which contains questions and answers regarding internal
control structure and other important topics, is just one of the
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The flashcards related to internal control structure will cover
these topics:
- Definitions and Basic Concepts
- Auditor's responsibility for internal control, five elements
of an internal control structure, control environment, risk assessment,
control activities, segregation of duties, information and communication,
monitoring, financial statement assertions, responsibility for
establishment of internal control structure, limitations of internal
control, compensating controls, reasonable assurance, application
controls, competency of client personnel, inherent risk, control
risk, detection risk.
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- Control Risk and Testing Controls
- Assessment of control risk, relationship between control risk
and substantive testing, relationship between detection risk and
substantive test assurance, consequences of overassessing control
risk, documenting control risk, design vs. operating effectiveness,
identification of internal control deficiencies, evaluating operational
effectiveness, compliance tests, substantive tests, substantive
testing at interim dates, deviation rates vs. error rates, characteristics
of evidential matter, internal control over transaction cycles,
inaccurate estimates, procedures to ensure effective accounting
systems, occurrence and concealment of errors or fraud, testing
controls.
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- Internal Control Communications
- Reportable condition, material weakness, reportable conditions
and written reports, types of reportable conditions and audit
committees, reporting on internal accounting controls, reporting
on material weaknesses, management representation letters and
internal accounting controls, content of communication with audit
committee concerning internal control structure deficiency, opinions
on policies and procedures in service organizations, content of
auditor's report on internal accounting control system.
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