Chapter 6 Internal Control.

Slides:

Advertisements

Similar presentations

WHO, WHAT, HOW Your Internal Audit Team …by your side. …at your service. …in your best interests.

Advertisements

Internal Control–Integrated Framework

It’s Time to Talk About Risk and Control

Internal Control.

Assurance, Attestation, and Internal Auditing Services

Chapter © 2009 Pearson Education, Inc. Publishing as Prentice Hall.

Chapter © 2009 Pearson Education, Inc. Publishing as Prentice Hall.

Environmental Management Systems An Overview With Practical Applications.

Standar Pekerjaan Lapangan: Pemahaman Memadai atas Pengendalian Intern Pertemuan 5.

Internal Control. COSO’s Framework Committee of Sponsoring Organizations 1992 issued a white paper on internal control Since this time, this framework.

Auditing A Risk-Based Approach To Conducting A Quality Audit

Office of Inspector General (OIG) Internal Audit

Internal Control in a Financial Statement Audit

Office of the Controller and Internal Controls Jim Corkill Controller Office of the Controller September 2014.

The Professional Practices Framework: Ethics and Standards of Practice

Chicagoland IASA Spring Conference

Internal Auditing and Outsourcing

INTERNAL CONTROL OVER FINANCIAL REPORTING

Internal controls. Session objectives Define Internal Controls To understand components of Internal Controls, control environment and types of controls.

Chapter 5 Internal Control over Financial Reporting

Considering Internal Control

Internal Control in a Financial Statement Audit

Agency Risk Management & Internal Control Standards (ARMICS)

The Institute and the Profession: 1 Personalize your title and presenter here. The Institute and the Profession The Institute and the Profession: 1.

The Connection between Risk Management and Internal Control in Organizations Mag. Norbert Wagner Budapest,

McGraw-Hill/Irwin © The McGraw-Hill Companies 2010 Audit Planning and Types of Audit Tests Chapter Five.

A Guide for Management. Overview Benefits of entity-level controls Nature of entity-level controls Types of entity-level controls, control objectives,

Chapter 3 Governance.

Chapter 6 Internal Control.

Internal Control Systems

S5: Internal controls. What is Internal Control Internal control is a process Internal control is a process Internal control is effected by people Internal.

Copyright: Internal Auditing: Assurance and Advisory Services, by The Institute of Internal Auditors Research Foundation, 247 Maitland Avenue, Altamonte.

The IIA “The Road to Professionalism” Resources to develop internal audit Ljubljana, Slovenia December , 2006 Elizabeth (Libby) MacRae.

Chapter 2 The International Professional Practices Framework: Authoritative Guidance for the Internal Audit Profession.

National Public Health Performance Standards Local Assessment Instrument Essential Service:6 Enforce Laws and Regulations that Protect Health and Ensure.

Business Processes and Risks

Copyright: Internal Auditing: Assurance and Advisory Services, by The Institute of Internal Auditors Research Foundation, 247 Maitland Avenue, Altamonte.

Copyright: Internal Auditing: Assurance and Consulting Services, by The Institute of Internal Auditors Research Foundation, 247 Maitland Avenue, Altamonte.

Copyright © 2007 Pearson Education Canada 9-1 Chapter 9: Internal Controls and Control Risk.

Copyright © 2014 Pearson Education, Inc. Publishing as Prentice Hall. Chapter

AUDIT STAFF TRAINING WORKSHOP 13 TH – 14 TH NOVEMBER 2014, HILTON HOTEL NAIROBI AUDIT PLANNING 1.

Chapter 6 Internal Control in a Financial Statement Audit McGraw-Hill/IrwinCopyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved.

Modern Auditing: Assurance Services and the Integrity of Financial Reporting, 8th Edition William C. Boynton California Polytechnic State University at.

Chapter 5 ASX Guidelines for Listed Companies

Update on the Latest Developments in Government Auditing Standards

MGMT 452 Corporate Social Responsibility

Internal Control in a Financial Statement Audit

A Framework for Control

Introduction to the Engagement Process

Risk of Fraud and Illegal Acts

Audit Evidence and Working Papers

Adding Value Across the Board

Internal Controls Policies and Procedures

Conducting the Assurance Engagement

Quality management System

Chapter 4 Risk Management.

Leveraging COSO across the three lines of defense

Taking the STANDARDS Seriously

Managing the Internal Audit Function

Business Processes and Risks

Chapter 11 Audit Sampling.

Introduction to Internal Auditing

Chapter 2 The International Professional Practices Framework: Authoritative Guidance for the Internal Audit Profession.

Information Technology Risks and Controls

The Consulting Engagement

Chapter 14 Communicating Assurance Engagement Outcomes and Performing Follow-up Procedures.

Chapter 3 Governance.

Costanza Schivi - 9 April 2019

Conducting the Assurance Engagement

Presentation transcript:

Chapter 6 Internal Control

Chapter 6 Learning Objectives Understand what is meant by internal control in a variety of frameworks. Identify the objectives, components, and principles of an effective internal control framework. Know the roles and responsibilities each group in an organization has regarding internal control. Identify the different types of controls and the appropriate application for each of them. Obtain an awareness of the process for evaluating the system of internal controls. Copyright: Internal Auditing: Assurance and Advisory Services, by The Institute of Internal Auditors Research Foundation, 247 Maitland Avenue, Altamonte Springs, Florida 32701-4201 U.S.A.

Exhibit 6-1 Copyright: Internal Auditing: Assurance and Advisory Services, by The Institute of Internal Auditors Research Foundation, 247 Maitland Avenue, Altamonte Springs, Florida 32701-4201 U.S.A.

Exhibit 6-2 Copyright: Internal Auditing: Assurance and Advisory Services, by The Institute of Internal Auditors Research Foundation, 247 Maitland Avenue, Altamonte Springs, Florida 32701-4201 U.S.A.

Exhibit 6-3 Copyright: Internal Auditing: Assurance and Advisory Services, by The Institute of Internal Auditors Research Foundation, 247 Maitland Avenue, Altamonte Springs, Florida 32701-4201 U.S.A.

Exhibit 6-4 Copyright: Internal Auditing: Assurance and Advisory Services, by The Institute of Internal Auditors Research Foundation, 247 Maitland Avenue, Altamonte Springs, Florida 32701-4201 U.S.A.

Exhibit 6-5 Copyright: Internal Auditing: Assurance and Advisory Services, by The Institute of Internal Auditors Research Foundation, 247 Maitland Avenue, Altamonte Springs, Florida 32701-4201 U.S.A.

Exhibit 6-6 Copyright: Internal Auditing: Assurance and Advisory Services, by The Institute of Internal Auditors Research Foundation, 247 Maitland Avenue, Altamonte Springs, Florida 32701-4201 U.S.A.

Exhibit 6-7 Copyright: Internal Auditing: Assurance and Advisory Services, by The Institute of Internal Auditors Research Foundation, 247 Maitland Avenue, Altamonte Springs, Florida 32701-4201 U.S.A.

Exhibit 6-8 Copyright: Internal Auditing: Assurance and Advisory Services, by The Institute of Internal Auditors Research Foundation, 247 Maitland Avenue, Altamonte Springs, Florida 32701-4201 U.S.A.

Exhibit 6-9 Copyright: Internal Auditing: Assurance and Advisory Services, by The Institute of Internal Auditors Research Foundation, 247 Maitland Avenue, Altamonte Springs, Florida 32701-4201 U.S.A.

Exhibit 6-10 Copyright: Internal Auditing: Assurance and Advisory Services, by The Institute of Internal Auditors Research Foundation, 247 Maitland Avenue, Altamonte Springs, Florida 32701-4201 U.S.A.

Exhibit 6-11 Copyright: Internal Auditing: Assurance and Advisory Services, by The Institute of Internal Auditors Research Foundation, 247 Maitland Avenue, Altamonte Springs, Florida 32701-4201 U.S.A.

Exhibit 6-12 10 OPPORTUNITIES FOR THE INTERNAL AUDIT DEPARTMENT TO PROVIDE INSIGHT ON EFFECTIVE INTERNAL CONTROL Help the organization develop a comprehensive framework for assessing the adequate design and effective operation of internal control. Help management establish a logical structure for analyzing, documenting, and assessing the organization’s design and operation of internal control. Help the organization develop a process for identifying, evaluating, and remediating internal control deficiencies. Provide independent assurance on the adequate design and effective operation of internal control. Act decisively when potentially significant or material internal control changes or deficiencies are identified. Assist in postmortem analysis when internal control deficiencies occurs. Inform management of potential breakdowns in internal control that present increased risk to the organization. Assist management in developing a culture of ethical behavior (“tone at the top”) and low tolerance of ineffective internal control. Stay abreast and inform management of emerging issues, regulations, and laws related to the effectiveness of internal control. Provide internal control awareness training throughout the organization. Copyright: Internal Auditing: Assurance and Advisory Services, by The Institute of Internal Auditors Research Foundation, 247 Maitland Avenue, Altamonte Springs, Florida 32701-4201 U.S.A.

Add slides as desired Copyright: Internal Auditing: Assurance and Advisory Services, by The Institute of Internal Auditors Research Foundation, 247 Maitland Avenue, Altamonte Springs, Florida 32701-4201 U.S.A.