Internal Control Audit and Compliance. Graham Lynford
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Название: Internal Control Audit and Compliance

Автор: Graham Lynford

Издательство: John Wiley & Sons Limited

Жанр: Зарубежная образовательная литература

Серия:

isbn: 9781118996300

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СКАЧАТЬ in the context of evidence examination, but the implications are clear for all risk assessments by all entities:

      Management should generally consider the risk characteristics of the controls for each financial reporting element, rather than making a single judgment for all controls at that location when deciding whether the nature and extent of evidence is sufficient. (p. 33)

      Some implications:

      • You probably should identify those business units where common controls can be considered as one population of entity level and activity level controls from which a common conclusion can be reached.

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      1

      In 2003, COSO published a draft of a document, entitled Enterprise Risk Management (ERM) Framework, whose purpose was to provide guidance on the process used by management to identify and manage risk across the enterprise. This new framework is not intended to supersede or otherwise amend its earlier internal control framework guidance on internal control. Internal control is encompas

1

In 2003, COSO published a draft of a document, entitled Enterprise Risk Management (ERM) Framework, whose purpose was to provide guidance on the process used by management to identify and manage risk across the enterprise. This new framework is not intended to supersede or otherwise amend its earlier internal control framework guidance on internal control. Internal control is encompassed within and an integral part of enterprise risk management. Enterprise risk management is broader than internal control, expanding the discussion to form a more robust conceptualization of enterprise risk. Internal Control–Integrated Framework remains in place for entities and others looking at internal control over financial reporting by itself. Note: Entities using the ERM Framework will still need to make a pointed financial statement risk assessment, as detailed in the risk assessment component discussion.

2

For example, PCAOB Auditing Standard (AS) No. 5, paragraph A5.

3

Accelerated filers have a market capitalization of $75 million or more.

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