Home
Flashcards
Preview
CPA Exam - Audit - Internal Control
Home
Get App
Take Quiz
Create
What are the primary considerations in assessing the control environment of a client?
Hint: CHOPPER
C
ommitment to competency
H
uman resource policies/procedures
O
rganizational structure
P
articipation of those charged w/ governance
P
hilosophy and operating style of mgmt
E
thics and integrity
R
esponsibility
What are the 5 components of internal control?
Hint: CRIME
C
ontrol activities
R
isk assessment
I
nformation & Communication
M
onitoring
E
nvironment
Segregation of duties is one main control activity. What four main responsibilities need to be segregated from each other?
Hint: ARCC
Authorization
Recording
Custody of assets
Comparison
What the the main objectives of Internal Control?
Hint:ACE
Accurate, reliable GAAP F/S
Compliance with laws and regulations
Effectiveness and Efficiency of operations
What are the four main control activities?
Hint: PIPS
Performance review policies
Information processing
Physical controls
Segregation of duties
Author
kindred1845
ID
161087
Card Set
CPA Exam - Audit - Internal Control
Description
Audit 2 - Internal Control
Updated
7/5/2012, 3:55:01 PM
Show Answers
Home
Flashcards
Preview