Internal Business
The Control Environment is described by the COSO Framework as a component of this system.
What are internal controls?
Avoiding bias in judgment and providing unbiased assessments.
The potential for loss, damage, or any other undesirable event that could impact the achievement of objectives.
What is risk?
The individual responsible for examining controls, records, and evaluating processes to identify areas of risk or improvement.
Who is the Internal Auditor?
The fraudulent use of someone else's personal information to open accounts, make purchases, or commit other fraudulent acts.
What is Identity Theft?
This organisational entity has the primary responsibility for establishing and maintaining internal controls.
What is Management?
Possessing the knowledge and skills to perform internal audit services effectively.
What is Competence?
The level of risk before any actions are taken to mitigate it.
What is Inherent Risk?
The department being audited.
Who is the Auditee?
Illegally taking money entrusted to an individual or organization for personal use.
What is Embezzlement?
Dividing duties among different individuals to prevent fraud and errors.
What is "segregation of duties"?
Maintaining honesty and having the courage to act ethically.
What is Integrity?
Shifting the risk to another party, such as through insurance.
What is Risk Transfer?
The entity that requests an audit or seeks consultative advice.
Who is the Audit Client?
Illegal altering or creating cheques to withdraw funds from another person's account or stealing of a legitimate cheque to alters it and deposit it to your account.
What is cheque fraud?
Preventive, detective and corrective
What are types of Internal Controls?
Protecting the privacy and security of information obtained during internal audit activities.
What is Confidentiality?
This level of risk remains after mitigation efforts.
What is residual risk?
Has responsibility for managing the internal audit function, reporting audit findings, and ensuring its independence and effectiveness.
Who is the Chief Audit Executive?
The process of disguising the origins of illegally obtained money to make it appear legitimate.
What is Money Laundering?
Physical inventory checks, reviews of accounting reports and reconciliations
What are Detective Controls
Exercising diligence and applying appropriate standards in performing internal audit work?
What is due Professional Care.
A systematic approach to identifying, assessing, and controlling risk.
What is Risk Management?
Has overall responsibility for the company, setting strategy, and ensuring accountability for risk management.
Who is the Board?
A type of online scam where a malicious actor pretends to be a legitimate entity (like a bank or online retailer) to trick victims into revealing sensitive information.
What is Phishing?