Internal Control is designed to provide reasonable assurance to achieve the entity’s objectives related to financial reporting, effectiveness and efficiency of operations and compliance with applicable laws and regulations. It safeguards assets against unauthorized acquisition, use, or disposition, and may include controls relating to financial reporting and operating objectives. Auditors should understand internal control relevant to the audit and the application of professional judgment. Most audit-related controls relate to financial reporting. But not all controls related to financial reporting are relevant to audits. The auditor should evaluate the design of controls and determine whether they have been implemented by performing procedures in addition to the inquiry of the entity’s personnel.
• Recognize areas where controls exist and the circumstaces when controls can be tested
• Determine when and how private companies maintain a system of internal control when formal processes do not exist
• Identify strengths and weaknesses in a private company’s control environment by performimg risk assessment procedures and transaction walk-throughs
• Review of the audit requirements stated in the auditing standards regarding internal control activities
• Analysis of the control environment, concentrating on privately-owned businesses
• A detailed discussion of an effective system of internal control and related control activities as detailed in the updated COSO report
• Sample risk assessment procedures to determine control risk for all major assertions
• Discussion of how to reduce control risk to below maximum
• Specific tests of controls that can be beneficial to a financial audit
• Discussion of the requirements to test controls for Governmental audits
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