Question

When the auditors obtain an understanding of internal control for the financing cycle documentation will frequently include a written description as well as a(n)?

Answer 1

When the auditors obtain an understanding of internal control for the financing cycle, documentation will frequently include a written description as well as a(n):     Summary of tests of controls.

Why is it important for an auditor to obtain an understanding internal control?

The auditor should obtain an understanding of how IT affects control activities that are relevant to planning the audit. Some entities and auditors may view the IT control activities in terms of application controls and general controls.

When assessing the competence of the internal auditors An auditor should obtain information about the?

When assessing the competence of the internal auditors, an independent CPA should obtain information about the: quality of the internal auditors' working-paper documentation.

What are the specific duties imposed on the auditor regarding internal control and internal audit?

Assess the company's risks and the efficacy of its risk management efforts. Ensure that the organization is complying with relevant laws and statutes. Evaluate internal control and make recommendations on how to improve. Identifying shortfalls or gaps in processes

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