ACC 544 Week 3 Internal Control Evaluation Checklist
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An Introduction to the Evaluation of Internal Controls
Internal control is defined as a process designed to provide reasonable assurance regarding the achievement of objectives surrounding effectiveness and efficiency of operations, reliability of reporting, and compliance with applicable rules and regulations (Weygandt, Kieso, & Kimmel, 2008). The main components of an internal control evaluation are:
1. Defining Internal Controls – This is typically the first phase in a control evaluation where auditors get familiar with how the client defines internal controls in support of scope determination.
2. Team Selection – The proper individuals with appropriate skill sets create conditions for an effective evaluation process.
Entity Level Review – This includes a review of the organizational structure and
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ACC 544 Week 3 Internal Control Evaluation Checklist
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An Introduction to the Evaluation of Internal Controls
Internal control is defined as a process designed to provide reasonable assurance regarding the achievement of objectives surrounding effectiveness and efficiency of operations, reliability of reporting, and compliance with applicable rules and regulations (Weygandt, Kieso, & Kimmel, 2008). The main components of an internal control evaluation are:
1. Defining Internal Controls – This is...