Samenvatting
Samenvatting - Internal control
- Vak
- Internal control
- Instelling
- Katholieke Hogeschool Limburg (UCLL)
document is een samenvatting van de cursus van de docent zelf, omgezet in vragen om je eigen te testen
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Voorbeeld 2 van de 8 pagina's
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VRAGEN INTERNAL CONTROLIntroduction
1. What is auditing?
Auditing means someone carefully checks if everything said about money and events
is correct. They make sure it matches the rules and then tell others what they found.
a. What can be audited? (criteria)
Financial statements and effectiveness of it systems and efficiency of operations.
b. What types of evidence does an auditor have?
Quantifiable: for financial statements
Subjective: for effectiveness and efficiency of IT systems , and operations
2. What is accounting?
Recording, classifying, and summarizing economic events in a logical manner
a. What is the difference between auditing and accounting?
Accounting= checking books, collecting proofs more detailed
Auditing = independent examination of financial statements
3. What is financial auditing?
a. How can shareholders get assurance of the directors reports?
b. What is IFAC and ISA?
4. What is operational auditing?
a. What does it evaluate?
Safety, work floor, operations
It evaluates the organizational structure of the company
5. What is forensic auditing?
a. What do forensic auditors investigate?
Crime/fraud
The auditor will check on possible fraudulent activities of the company
b. With who does a forensic auditor work with?
Lawyers, law enforcement personnel
6. What is compliance audit?
Audit about regulations, policies and laws in the company
a. Is this audit reported extern?
No, it is reported to the management
b. Give an example.
COVID-vaccine is not obligated by the government but the company can obligate it to
workforce
7. What is IT audit?
a. What are the benefits of an IT system?
b. What are the benefits of an IT audit?
*gives assurance that IT systems are protected
*could help reduce risks of data loss, leakage
c. What are the disadvantages of an IT system?
*can cause more damage than human error
, Internal control
1. What is internal control? (mogelijke examenvraag)
System effected by managers, boD and others
It is set up to achieve objectives in separate but overlapping categories
2. What is COSO?
a. What is the intention of COSO?
3. What is internal audit? (mogelijke examenvraag)
Independent objective assurance and consulting activity
It adds value to and improves operations
It identifies issues before they become a real problem
a. What’s the link with risk management?
4. Difference between IC and IA
a. Main difference?
IC: system responsibility of managers
IA: function measurement, one exercise
b. Tell something about the responsibilities and checks.
c. Three lines defense model
i. Explain each line
Governing body, board, audit committee = assures that management is
responding to risks delegate the responsibility of risk management +
control to the senior management
Senior management = controls the risks together with 3 lines
1st line of defense= consist of management controls + internal control
measures
*identify risks
*taking actions to manage and treat them
*prevent fraud and mistakes
report directly to senior management
2nd line of defense
*implements policies and procedures in different departments
*oversees 1st line
*try to keep risks away if 1st line fails
report directly to senior management
3rd line of defense = internal audit
*independent
*provides highest level of assurance
*provides on effectiveness line ½
reports to senior management + audit committee
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