Internal Controls
Common Control Procedures
What is physical controls?
What is authorization and approval limits?
What is segregation of duties?
What is management controls?
What is arithmetic and accounting controls?
What is human resources controls?
IT controls
What is general controls?
What is application controls?
This will insert a quick chart on a new worksheet instantly.
What is F11?
The practice of safeguarding sensitive information from unauthorized access, use, disclosure, disruption, modification, or destruction.
What is data protection?
This is IA role in Internal control
What is key risk?
What is financial and operating information?
What is compliance?
Importance of IT controls
What is address the risks related to the data and information flowing through multiple IT system?
This is what it's called when a user is able to understand at a glance.
What is the 10 second rule?
A regulation in the EU that came into effect in 2018 and applies to all organizations processing the personal data of EU residents.
What isGeneral Data Protection Regulation (GDPR)?
Purpose of Internal Controls
What is to ensure compliance?
What is ensure the quality of internal and external reporting?
What is to facilitate effective operation?
Categories of GITCs
What is access to programs and data?
What is computer operations?
What is program development?
What is program changes?
This chart is used to show relationships and flows.
What is funnel, chord or network navigator?
Data that could be used to identify an individual or that could be used for fraudulent purposes
What is sensitive data?
This is a formal written statement that defines the approved purpose, authority, and responsibility of the internal audit activity
What is Internal Audit Charter?
Objectives of Internal Controls
What is safeguarding assets?
What is preventing and detecting fraud?
What is efficient conduct of business?
What is completeness and accuracy?
What is management processes and financial statements?
Understanding the IT Environment
What is obtain background information on It systems?
What is identify IT systems relevant to Financial management?
What is assess complexity of IT systems?
What is preliminary risk assessments?
This chart looks similar to another chart; however this chart is used to show frequencies.
What is histogram?
A plan for responding to a data breach or other security incident.
What is an incident response plan?
An appraisal activity established or provided as a service to the entity. Its functions include, amongst other things, examining, evaluating and monitoring the adequacy and effectiveness of internal control
What is Internal Audit?
Components of Internal Controls
What is control environment?
What is risk assessment?
What is monitor?
What is information/communication?
What is control activities?
Objectives of Application Controls
What is completeness?
What is authorization?
What is segregation of duties?
What is validity?
What is accuracy?
This chart is created by a series of adding and subtracting values to visualize how the starting value of something reaches the end.
What is waterfall?
Expected to take a more focused oversight role in respect of risk management and internal control
What is Audit Committee?