What two parts are important in writing out a control test for an audit program?
Answer to relevant QuestionsHow does the direction of a control test relate to control objectives? How can management’s cost–benefit judgments lead to internal control deficiencies?What does it mean if an overall audit plan is said to be cost effective? How do auditors develop a cost-effective overall audit plan? Why can some authorization procedures be performed by low-level managers? What kinds of authorizations need to come from the board of directors? Why is audit file documentation required for the auditor’s decision on whether to rely on controls in the audit planning?
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