Design & Implementation
What is Design Factor 5?
Threshold for Investigation
What is the difference between IUC and IPE in the point of view as an auditor?
Information that is used by auditors Vs. the entity for the control.
If a control's design is deficient, do you perform OE testing?
No
What Audit Procedure are you NOT permitted to use alone for Testing?
Inquiry!
What does Object of Review mean?
Information where the Control covers Accuracy and Completeness
How many months can a control can be rolled forward as per the guidance?
3-4 Months
What is the difference between Inspection and Observation?
Verifying "Information" vs Processes
Explain the Testing Process of System Generated Listings of an IUC.
SAP to Listing and Listing to SAP
What is your next step when you identify a deficiency in a control?
Document in Evaluation of Deficiencies
What are examples of common pitfalls in the design factors?
Various
What is the difference in extent of testing for IPE with IT reliance vs non-reliance?
One sample for Reliance and # of Substantive Sample for Non-Reliance
What is the difference between Apportion and Rollforward?
Timing and Allocation of Testing
What is the difference between Inspection and Reperformance?
Inspection-Evidence we see
Reperformance-Doing it Ourselves
What's NEW for OPEX.01 and OPEX.02 testing?
Disbursement Listing to PR/PO Listing and AP Credits Listing
Name three factors that affect RAWC.
Various.