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    Lecture 4 Psa 315

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    Jomar Carlo Casupang
    This document outlines the process for assessing control risk when auditing an entity. It involves obtaining an understanding of the entity's controls and environment, determining if controls are adequate or inadequate, testing controls if assessed as adequate, and performing substantive testing if controls are deemed inadequate or not tested.

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    Lecture 4 Psa 315

    Uploaded by

    Jomar Carlo Casupang
    4 views1 page
    This document outlines the process for assessing control risk when auditing an entity. It involves obtaining an understanding of the entity's controls and environment, determining if controls are adequate or inadequate, testing controls if assessed as adequate, and performing substantive testing if controls are deemed inadequate or not tested.

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    This document outlines the process for assessing control risk when auditing an entity. It involves obtaining an understanding of the entity's controls and environment, determining if controls are adequate or inadequate, testing controls if assessed as adequate, and performing substantive testing if controls are deemed inadequate or not tested.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    4 views1 page

    Lecture 4 Psa 315

    Uploaded by

    Jomar Carlo Casupang
    This document outlines the process for assessing control risk when auditing an entity. It involves obtaining an understanding of the entity's controls and environment, determining if controls are adequate or inadequate, testing controls if assessed as adequate, and performing substantive testing if controls are deemed inadequate or not tested.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    Controls and Risk Assessment

    Obtaining and
    Documenting Assessed Level of Test of Control Re-assessment of SUBSTANTIVE
    Understanding of Control Risk Control Risk TESTING
    Entity’s Control PROCEDURES
    and its
    Environment
    1) IF ADEQUATE BELOW PERFORM
    MAXIMUM
    1) If working
    effectively as
    designed and
    implemented?
    2) IF NOT
    2) IF MAXIMUM MAY OMIT
    INADEQUATE

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