advanced auditing. lecture 5. (unfinished)

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6 Terms

1
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policies

what should or should not be done. can be documented, stated in communicataions, or implied through actions and decisions.

2
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procedures

actions that implement policies. the contrete steps, by people or the system, that make the policy happen

3
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four ways to respond to a risk

  1. avoid

  2. prevent

  3. detect&correct

  4. insure:transfering the risk


4
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the five componenents of internal control

  • control environement

  • risk assessment process: does management identify and manage risks?

  • monitoring: how doe smanagement know contorl skeep working?

  • information system & communication: how does information flow into the financial statement?

  • control acitivites: which specific controls prevent or deterct material misstatement.


5
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coso framework

developed for companies to understand their internal controlsÍ

<p>developed for companies to understand their internal controlsÍ</p>
6
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design and implementation