1
Q
What are the 5 components of an internal controls system?
A
1) Control environment
2) Risk assessment
3) Information systems
4) Control activities
5) Monitoring
2
Q
What is a control environment?
A
Governance and management function and attitudes towards internal controls and its importance in the entity.
3
Q
What is the risk assessment process?
A
A process for identifying and analysing risks to acheiving the entities objectives.
4
Q
What is an information system?
A
Transactions posted via a system.
5
Q
What are the 2 types of control activities?
A
Preventive controls
Detective controls
6
Q
What are some examples of controls?
A
- Authorisation/ approval
- Reconciliations
- Verifications
- Physical or logical controls
- Segregation of duties
ACA: Assurance
flashcards
Decks in class (12)
# Cards
-
Chapter 1: Concept of and need for assurance22
-
Chapter 2: Process of assurance engagement6
-
Chapter 3: Process of assurance- Planning8
-
Chapter 3.2: Process of assurance- Planning5
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Chapter 4: Process of assurance- Evidence and reporting5
-
Chapter 5: Internal controls6
-
Chapter 9: Internal audit3
-
Chapter 10: Documents6
-
Chapter 11: Evidence and Sampling5
-
Chapter 12: Written representation4
-
Chapter 14: Codes of professional ethics and regulatory issues5
-
Chapter 16: Confidentiality5
