ACC 544 Week 3 Internal Control Evaluation Checklist

Apr 23rd, 2015
Studypool Tutor
Price: $5 USD

Tutor description

ACC 544 Week 3 Internal Control Evaluation Checklist

Word Count: 1377
Showing Page: 1/8
Internal Control Evaluation ChecklistNAMEACC/544DATEProfessor: NAMEAn Introduction to the Evaluation of Internal ControlsInternal control is defined as a process designed to provide reasonable assurance regarding the achievement of objectives surrounding effectiveness and efficiency of operations, reliability of reporting, and compliance with applicable rules and regulations (Weygandt, Kieso, & Kimmel, 2008). The main components of an internal control evaluation are:1. Defining Internal Controls - This is typically the first phase in a control evaluation where auditors get familiar with how the client defines internal controls in support of scope determination.2. Team Selection - The proper individuals with appropriate skill sets create conditions for an effective evaluation process. 3. Entity Level Review - This includes a review of the organizational structure and corporate governance at the highest level. This represents the tone at the top.4. Process, Transaction, and Application Level Review - This represents the detailed internal controls at the process level which tend to be department and company specific. 5. Recommendations - This is the final phase of a control evaluation where effectiveness is determined and recommendations are brought to management.Completed By:Date:Defining Internal ControlsReview and document how the client defines internal controls through interview of management, interviews with employees, and observation of

Review from student

Studypool Student
" Thanks for the help. "
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1820 tutors are online

Brown University





1271 Tutors

California Institute of Technology




2131 Tutors

Carnegie Mellon University




982 Tutors

Columbia University





1256 Tutors

Dartmouth University





2113 Tutors

Emory University





2279 Tutors

Harvard University





599 Tutors

Massachusetts Institute of Technology



2319 Tutors

New York University





1645 Tutors

Notre Dam University





1911 Tutors

Oklahoma University





2122 Tutors

Pennsylvania State University





932 Tutors

Princeton University





1211 Tutors

Stanford University





983 Tutors

University of California





1282 Tutors

Oxford University





123 Tutors

Yale University





2325 Tutors