ACCT3322 Chapter Notes - Chapter 8: Internal Control, Audit Risk, Audit Evidence

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17 Nov 2018
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Chapter 8: execution of the audit - testing of controls. 8. 2 compare the different techniques for testing controls. 8. 3 describe how to select and design tests of controls. 8. 4 compare and contrast the results of testing of controls. 8. 5 describe how to document tests of controls. Information technology (it) general controls (itgcs) assessment process, information system, control activities and monitoring of controls: transaction-level controls: controls that affect a particular transaction or group of transactions. Control activities are a component of internal control. 8. 1. 1 prevent and detect controls: test of controls: the audit procedures designed to evaluate the operating effectiveness of controls in preventing, or detecting and correcting, material misstatements at the assertion level. It is important that detect controls: completely and accurately capture all relevant data. Identify all potentially significant errors: are performed on a consistent and regular basis. Include follow-up and correction on a timely basis for any misstatements or issues detected.

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