Walkthrough
Give us one of the three phases to effective interviewing
Phase 1 - Prepare for the interview, Phase 2 - Conduct the interview, Phase 3 - Take Action
Code of conduct
(Direct, Indirect, Monitoring)
Indirect ECLs
This is the assertion that all appropriate information and disclosures are included in a company's statements and all the information in the statements is fair and easy to understand.
Presentation and disclosure
When do we perform walkthroughs in Financial statements or Integrated audits?
during the interim testing phase
A control or procedure that is performed by a human and does rely on a system/application for the operation of the control
IT-dependent manual
that transactions are recorded in the correct accounting period.
Cut-off
A series of questions that dig from general to specific responses
Probing
A process effected by those charged with governance, management, and other personnel that is designed to provide reasonable assurance about the achievement of the entity's objectives with regard to the reliability of financial reporting , effectiveness and efficiency of operations, and compliance with applicable laws and regulations.
Internal control
As far as payroll is concerned, it should be made sure that salaries and wages expense has been calculated properly.
Accuracy
Who is the 3 responsible for performing walkthroughs?
Managers, Senior Associates, Experienced Assoc/ Associates
Controls that monitor the effectiveness of other controls and are designed to identify possible breakdowns in lower-level controls
Monitoring ELCs
The entity has a legal title or controls the rights to an asset or has an obligation to repay a liability.
Rights and obligations