Control vs. Process
This is embedded in the process to prevent and detect misstatements
What is a Control?
This is done without any human interaction
What is an Automated control?
What is Controls over IUC?
Review of a reconciliation
What is a Control?
An approach that seeks to stop fraud/errors before they occur
What is a Preventive Control?
What compares two or more data elements and notes differences
What is a reconciliation?
Following a transaction from the beginning to the financial statements
What is a Process?
An approach that seeks to recognize errors/fraud that have already occurred
What is a Detective control?
This risk exists before consideration of any related controls
What is inherent risk?
Authorization & approval are what
What are Controls?
The formal way of saying what could go wrong is
What is RoMM?
The risk that a misstatement will not be prevented or detected by a companies IC
What is control risk?
Name the 3 accountants in the office
Who is Oscar, Angela & Kevin
Name 2 significant accounts when considered RoMM
What is:
Cash, Inventory, PPE, Revenue, Op Ex?