31386 paragraphs found
Regardless of whether controls are within the IT environment or manual systems, controls may have various objectives and may be applied at various organisational and functional …
Controls in the control activities component for less complex entities are likely to be similar to those in larger entities, but the formality with which they operate may vary. Further, in less complex entities, more controls may be directly applied by …
It may be less practicable to establish segregation of duties in less complex entities that have fewer employees. However, in an owner-managed entity, the owner-manager may be able to exercise more effective oversight through direct involvement than in a …
Controls that address risks of material misstatement at the assertion level (Ref: Para. 26(a)) Controls that address risks that are determined to be a significant risk …
Regardless of whether the auditor plans to test the operating effectiveness of controls that address significant risks, the understanding obtained about management’s approach to addressing those risks may provide a basis for the design and performance of …
ASA 240 [41] requires the auditor to understand controls related to assessed risks of material misstatement due to fraud (which are treated as significant risks), and further explains that it is important for the auditor to obtain an understanding of the …
Controls that address risks of material misstatement at the assertion level that are expected to be identified for all audits are controls over journal entries, because the manner in which an entity incorporates information from transaction processing …