58 paragraphs found
… The use of manual or automated elements in internal control also affects the manner in which … are initiated, recorded, processed, and reported: Controls in a manual system may include such procedures as … on IT. An entity’s mix of manual and automated elements in internal control varies with the nature and complexity of …
… Monitoring of controls is a process to assess the effectiveness of internal control performance over time. It involves assessing the effectiveness of controls on a timely basis and taking necessary remedial …
… In making risk assessments, the auditor may identify the controls that are likely to prevent, or detect and correct, … Generally, it is useful to obtain an understanding of controls and relate them to assertions in the context of … control activities, together with other components of internal control, will be sufficient to address a risk. …
… A77-A121 ) This appendix further explains the components of internal control, as set out in paragraphs 4(c), 14-24 and … of integrity and ethical values . The effectiveness of controls cannot rise above the integrity and ethical values … the process for reviewing the effectiveness of the entity’s internal control. Management’s philosophy and operating …
… significant risks of material misstatement by implementing controls over these significant risks. Failure by management to implement such controls is an indicator of a significant deficiency in internal control. [22] …
… The auditor shall obtain an understanding of internal control relevant to the audit. Although most controls relevant to the audit are likely to relate to financial reporting, not all controls that relate to financial reporting are relevant to …
… Manual elements in internal control may be more suitable where judgement and … control. In monitoring the effectiveness of automated controls. …
… of the major activities that the entity uses to monitor internal control relevant to financial reporting, including … initiates remedial actions to address deficiencies in its controls. (Ref: Para. A110-A112) …
… An understanding of internal control assists the auditor in identifying types of …
… the entity and its environment, including the entity’s internal control. …