What concerns does the auditor have over access controls and their impact on data security? What impact would a problem with access controls have on the auditor’s conclusions in an ICFR audit of a company with an extensive IT system? Do you think management could assert that the financial statements are accurate and complete if access controls are insufficient? Why?
Answer to relevant QuestionsIf all of a company’s ITGC are effective except its contingency controls, would the auditor be able to conclude that the ICFR is effective? What if other controls are lacking but contingency controls are effective? How ...Assume that you are assigned the task of testing internal controls over financial reporting for the Van Jacobs Corporation year 2011 audit. Van Jacobs Corporation has a December 31 fiscal year end. Due to poor controls that ...Jose is a senior auditor in charge of testing controls over financial reporting. Step four of the audit procedures require that Jose “maintain professional skepticism in assessing controls for fraud risk.” In the course ...Gordon is a new staff auditor on the Fine Dining of London Co. engagement and is responsible for conducting some of the ICFR controls tests on the engagement. In the course of his audit work, Gordon finds instances where a ...What are the sources of non sampling risk? How are these controlled and reduced?
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