MGAC03H3 Chapter Notes -Internal Audit, Cengage Learning, Internal Control
Document Summary
Overview: it has inspired the reengineering of traditional business processes to promote more ef cient operations and to improve communications within the entity and between the entity and its customers and suppliers. These advances, however, have introduced new risks that require unique internal controls. They have engendered the need for new techniques for evaluating controls and for assuring the security and accuracy of corporate data and the information systems that produce it. Public con dence in the reliability of the company"s internally produced nancial statements rests directly on an evaluation of them by an independent auditor. Attest service vs advisory services: the following requirements apply to attestation services: require written assertions and a practitioner"s written report. _______________________________________________________________________________________________________: require the formal establishment of measurement criteria or their description in the presentation, levels of service in attestation engagements are limited to examination, review, and application of agreed-upon procedures. Advisory services: are services to improve their client organizations" operational ef ciency and effectiveness.