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    This document provides an overview of auditing internal control over financial reporting in conjunction with an audit of financial statements. It discusses management and auditor responsibilities under Section 404, defines internal control over financial reporting and internal control deficiencies. It also outlines the audit process, including planning the engagement, evaluating management's assessment, obtaining an understanding of internal controls, evaluating control design and operating effectiveness, and forming an opinion on the effectiveness of internal control over financial reporting.

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    This document provides an overview of auditing internal control over financial reporting in conjunction with an audit of financial statements. It discusses management and auditor responsibilities under Section 404, defines internal control over financial reporting and internal control deficiencies. It also outlines the audit process, including planning the engagement, evaluating management's assessment, obtaining an understanding of internal controls, evaluating control design and operating effectiveness, and forming an opinion on the effectiveness of internal control over financial reporting.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    14 views1 page

    7 Statements: Matters

    Uploaded by

    salman
    This document provides an overview of auditing internal control over financial reporting in conjunction with an audit of financial statements. It discusses management and auditor responsibilities under Section 404, defines internal control over financial reporting and internal control deficiencies. It also outlines the audit process, including planning the engagement, evaluating management's assessment, obtaining an understanding of internal controls, evaluating control design and operating effectiveness, and forming an opinion on the effectiveness of internal control over financial reporting.

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    © All Rights Reserved
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    of 1

    Contents

    Timing of Audit Procedures 244


    Interim ksts of Controls 245
    Interim Substantive Procedures 245
    Auditing Accounting Applications Processed by Service Organizations 246
    Communication of Internal Control-Related Matters 247
    Advanced Module 1: Types of Controls in an IT Environntent 249
    General Controls 249
    Application Controls 25 I
    Advanced Module 2: Flowcharting Tbchniques 254
    Symbols 254
    OrganiTation and Flow 255
    Key Terms 256
    Review Questions 257
    Multiple-Choice Questions 257
    Problems 260
    Discussion Case 262
    InternetAssignments 263

    7 Auditing Internal Control over Financial Reporting in


    Conjunction with an Audit of Financial Statements 264
    Management Responsibilities under Section 404 266
    Auditor Responsibilities under Section 404 266
    Internal Control over Financial Reporting Defined 267
    Internal Control Deficiencies Defined 267
    Control Deficiencr' 267
    SignificantDeficiencr 268
    Material Weakness 268
    Likelihood and Magnitu.de 268
    Management's Assessment Process 269
    Management's Documentation 271
    Framework Used by Management to Conduct Its Assessment 272
    Performing an Audit of Internal Control over Financial Reporting 272
    The Audit Process 272
    Planning the Engagement 273
    Evaluoting Management's Assessment Process 273
    Obtaining an Understanding of Internal Control
    over Financial Reporting 274
    Evaluting Design Effectiveness of Controls 279
    Tbsting and Evaluating Operating Effectiveness of Controls 279
    Forming an Opinion on the Effectiveness of Internal Control
    over Financial Reporting 284
    WrittenRepresentations 286
    AuditorDocumentationRequirements 286

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