Full summary of all content covered in ACC2018 covering all topics and sections. Perfect study tool to help you recap sections when studying. It includes all types of controls, cycles, the companies act and SAICA's code of professional conduct (all those relevant to the course).
Validity underlying
supported
information is
D
genuine-
②
authorised
documents
in terms of
management policy
an as
by sufficient -appropriate
B
source
~
& Transaction has occurred
actually 3 Components
② Requirements Pur in place by have been ma
management
③ Source documents totransaction available
relating
are
Accuracy and calculation of information is correct and recorded inhe cored accon a
① ② ③
↓ Amount
& Individual
13
calculation are
components of correc
- quantity
② the arithmetic of the calculation is correct components
③ Transaction is recorded in appropriate general ledger account
Completeness
· All transactions are recorded in the correc period and in
limely
a manner
D &
2 ⑤
& Altransactionsthathaveoccurredmeet Me FFRriveandarerecord ~
s
a
3 components
③ Transactions recorded
are without
delay
, IOI Risks
Different indicators of risk : Staff
lackin g competence
· -
-
Complex accounting transactions
-
tack of ethical behavior
-
Management incentive to misstate financial statements
Operational objectives ↓ Es fiep Cicicisi
of
Economy operations
the benefit of exceeds
Economy activity
its cost
·
an
-
Effectiveness of operations
intended planned
·
Activing achieves outcome : as
Efficiencyof Operation to achieve the desired ourcomes
Continuity
·
Enhiny is able to operate into foreseeable
future-going concern
Confidentiality
· the protection of sensitive information from inappropriate use or unauthorised personnel
Compliance with laws and Regulations
· All laws and regulations are complied with
Safeguarding ofAssets from theft:
damage : loss or misappropriation a
Internal Control
Control environment
Attitude directors and enforcement of
· of
Display communication ethical values
-
to
commitment competence + clear
organisational structure
-
Risk Assessment Process
and
·
-
Process for
Rish Governance
:
quantifying
identifying
committee
evaluating
risks to enable an effective response
Risk
Management Policy
-
-
Risk
register cranks risks
-
Internal and it
, Information Systems
procedures recordspur in place to financial and non-financial information
+
manageReport
·
·
Iniliave/execute to Recorde Process =
·
Includes : Revenue /Receipt
cycle
-
Purchase and Production cycle
Payroll
-
· The
Monitoring assessment of the effectiveness of the
design and operation of internal
and the of
Control measures
actioning corrective actions where applicable
internal andit
&Board of
X
Management t
supervisors &
directors
Computerised
Manual + Automated controls
Controls
· to mitigate risks in a computerised environments
Manual-performed by human i Automated-performed : It dependant manual
by system performed controls
-
Stages of a transaction both
by
Input to Process to Output
-
Masterfile Amendment
-
to change/correct existing dat
Categories of IT controls
· General IT controls - IT environment as a whole
Support effective
functioning of all
cycles software and
-
-
business processes
· Application controls -
Specific to
cycle , software or business processes
-
specific to procedures that initiate , record , process and report
transactions
Classification of IT controls
· Preventative
· Detective and corrective
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