Good Controls
Procedures that originate, transfer, or change accounting data
What is a process
A comparison of two sets of records to ensure a balance is accurate
What is a reconciliation
The point where a transaction starts
What is a boundary
Procedures designed to prevent or detect errors
What are controls
Actions taken to reduce the impact of risk when duties cannot be separated
What are compensating controls
Documentation that the control has been performed
What is evidence?
An audit document summarizing results of identified risks
What is 10B?
A workpaper that summarizes audit findings
What is CX-15.1
Reconcile, Review, Compare, Approve
What are keywords that help identify controls?
An audit process to determine whether controls have been implemented
What is a walkthrough?
Written comments to management on the effectiveness of internal controls
What is a finding
This meat can be described as lean, tender, and succulent
What is elk meat?
This meat can be described as tough and greasy
What is bear meat?