Question: What are the five questions COSO IC proposes as indicators
What are the five questions COSO IC proposes as indicators of the quality of information?
Answer to relevant QuestionsWhat is the purpose of the SEC’s Interpretive Release on management’s assessment and reporting on ICFR? Does it impose requirements for management reporting?Even if ICFR is expected to have been effective for the entire fiscal year, why might the auditor choose to NOT test effectiveness during the year?How are conflicting conclusions that are arrived at during the course of the audit handled in the audit documentation?Describe why a company’s IT processing is important to the design effectiveness of ICFR?What areas of computer operations should company policies specifically address?
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