ACC 544 Week 5 DQs

May 8th, 2015
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ACC 544 Week 5 DQs

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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

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