Process vs. Control
Describes the action of taking a transaction or event through an established and usually routine set of procedures or steps.
What is a process?
A form of documentation that many entities use to document the process and flow of transactions.
What is a narrative?
This element is distinguished by verifications, reconciliations, authorizations, & controls over IUC.
What is type?
A method of testing which involves examining records or documents.
What is inspection?
Template used to document testing of internal controls.
An action or activity taken to prevent or detect misstatements within the process.
What is a control?
A way to visualize the flow of information in processes using symbols.
What is a process flow diagram?
This approach is proactive.
What is preventive?
This type of testing alone is never enough.
What is inquiry?