The auditor should document his understanding of internal control. The extent of documentation is a matter of the CPA’s judgment and the form of documentation depends upon

The policies and procedures that help ensure that management directives are carried out, for example, that necessary actions are taken to address risks that threaten the achievement of the entity’s objectives

Series of tasks and records of an entity by which transactions are processed as a means of maintaining financial records

Audit approaches in relation to control risk assessment

Two Possible Risk Assessments

Tests of control are performed to obtain audit evidence about the effectiveness of the

Includes considering whether controls are operating as intended and that they are modified as appropriate for changes in conditions

Assertions about account balances at the end of the period

File system with exclusive access to and use of individual data

Criteria of control (CoCo) framework originated from which country?

Process for identifying and responding to business risks and the results thereof

Consists of infrastructure (physical and hardware components), software, people, procedures, and data

A collection of data that is shared and used by many different users for different purposes