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

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

Involves providing an understanding of individual roles and responsibilities pertaining to internal control over financial reporting

Understanding of the design and operation/implementation of internal controls would help the auditors identify

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

Internal Control Components (PSA 315)

The electronic exchange of transactions, from one entity’s computer to another entity’s computer through an electronic communications network

PSA 315 is based on which internal control framework?

Two Possible Risk Assessments

What happens to the overall objective and scope of an audit in a CIS environment?

Risks can arise or change due to circumstances such as

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

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