Business

The procedure to test the effectiveness of controls in support of a reduced assessed control risk is called tests of controls. A test of controls…

Test of controls are auditing procedure performed to determine the effectiveness of the design and the operational structure policies and procedures. The procedure to test…

Control risk is very important in auditing as it can prevent the misstatement of financial information. There can be many reasons for control risk to…

Disadvantages of Internal Check Internal Check is an arrangement of staff duties of a business in such a way that work is automatically checked by…

Advantages of Internal Check System Internal Check is an arrangement of staff duties of a business in such a way that work is automatically checked…

Basic Elements or Components of Internal Control The whole system of internal check, internal audit and other forms of control, financial and otherwise established by…

Audit Documentation of Understanding Audit documentation should be prepared in sufficient detail to provide a clear understanding of its purpose, source, and the conclusions reached.…

Distinguish between Internal Audit and Statutory Audit An internal audit is conducted by the permanent staff of the office to detect weakness in system, procedures…

Distinguish among Internal Check, Internal Audit, and Internal Control An internal check is the splitting of work tasks so that one person is not accountable…

Documentations of Internal Control Internal control is an efficient system of control is established by the management in the conduct of mousiness including internal cheek,…