Factors to Consider When Evaluating Controls
N/A
The Best Controls Are
Final Jeopardy
When "Nature" Calls
100
The types of tests you are perfoming.
Nature
100
They operate within the business process (doesn't hinder operations)
Invisible
100
When we physically watch a control
Observation
200
Testing controls at year end vs iterim
Timeliness
200
Type of control that operates more consistently over a large population
Automated
200
When we ask the client questions about the control
Inquiry
300
The number of times a control occurs during a year
Frequency
300
A control that will stop something from happening
Preventative
300
When we test evidence given to us by the client
Inspection
400
The qualifications of the people at the client
Competency
400
Addresses risks that we are looking at in our audit work
Risk Based
400
When we redo the control
Reperformance
500
How much assurance you wish to gain from the control testing
Reliability of Information
500
A control can only work if it has been ________.
Implemented
500
Who is Steve's Doppelganger
http://i731.photobucket.com/albums/ww311/anixa_poichi/l367a09080000_1_32113.jpg
500
Put the 4 types of testing in order of assurance gained
1. Inquiry 2. Observation 3. Inspection 4. Reperformance
M
e
n
u