CPSC 079 Lecture Notes - Lecture 4: Icq, Audit Evidence, Pay-As-You-Earn Tax
Document Summary
Chapter objectives by the end of this chapter, the student is expected to have covered: Definition of accounting system, internal control and control environment. Types of internal control. advantages and disadvantages of internal control systems to the auditor and to the client. limitations in application of internal control system. Tools and techniques used to assess the strengths or otherwise of internal contro l system. (evaluation of ics) internal auditing introduction. This topic covers the internal control systems and the internal audit. When carrying out the audit, the auditor first needs to carry out an evaluation of the internal control systems and evaluate its operating effectiveness and its efficiency. This will help the auditor to ascertain the degree of reliance he or she is going to place on the controls and hence the level of the level of tests the needs to be carried on the final balances.