58 paragraphs found
… The following application material on internal control is presented in four sections, as follows: General Nature and Characteristics of Internal Control. Controls Relevant to the Audit. Nature and Extent of the …
… Internal control, no matter how effective, can provide an … achievement is affected by the inherent limitations of internal control. These include the realities that human … in decision making can be faulty and that breakdowns in internal control can occur because of human error. For …
… The division of internal control into the following five components, for … auditors to consider how different aspects of an entity’s internal control may affect the audit: The control … and communication; Control activities; and Monitoring of controls. The division does not necessarily reflect how an …
… The extent and nature of the risks to internal control vary depending on the nature and … from the use of IT or from use of manual elements in internal control by establishing effective controls in light of the characteristics of the entity’s …
… often have additional responsibilities with regard to internal control and compliance with applicable laws and … regulations. Enquiries of appropriate individuals in the internal audit function can assist the auditors in … laws and regulations and the risk of deficiencies in internal control over financial reporting. …
… The responsibilities of an internal audit function may include performing procedures … regarding the design and effectiveness of risk management, internal control and governance processes. If so, the internal audit function may play an important role in the …
… financial performance is not the same as the monitoring of controls (discussed as a component of internal control in paragraphs A110-A121 ), though their … is specifically concerned with the effective operation of internal control. In some cases, however, performance …
… An entity generally has controls relating to objectives that are not relevant to an … would not be relevant to the audit. Further, although internal control applies to the entire entity or to any of … operating units or business processes, an understanding of internal control relating to each of the entity’s operating …
… Internal control means the process designed, implemented and … compliance with applicable laws and regulations. The term “controls” refers to any aspects of one or more of the components of internal control. …
… often have additional responsibilities with respect to internal control, for example to report on compliance with … regulation or other authority. As a result, their review of internal control may be broader and more detailed. …