CPA Exam - Audit - Internal Control
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What are the primary considerations in assessing the control environment of a client?
- Commitment to competency
- Human resource policies/procedures
- Organizational structure
- Participation of those charged w/ governance
- Philosophy and operating style of mgmt
- Ethics and integrity
What are the 5 components of internal control?
- Control activities
- Risk assessment
- Information & Communication
Segregation of duties is one main control activity. What four main responsibilities need to be segregated from each other?
- Custody of assets
What the the main objectives of Internal Control?
- Accurate, reliable GAAP F/S
- Compliance with laws and regulations
- Effectiveness and Efficiency of operations
What are the four main control activities?
- Performance review policies
- Information processing
- Physical controls
- Segregation of duties
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