Management Evaluation of Internal Controls What are the steps in management's evaluation of internal control over financial reporting?
Integrated audit process includes the following steps:
1 . Identify financial reporting risks.
2 . Identify control that mitigate financial reporting risk
3 . Assess design effectiveness
4 . Select and perform testing procedures to evaluate operating effectiveness
5 . Document operating effectiveness
6 . Evaluate control deficiencies
7 . Provide pubic disclosure of management report
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If the complaining party argues that the employer intentionally discriminated against an employee or applicant, the complaining party is trying to prove ____________.
A. disparate treatment B. disparate impact C. pattern or practice D. indignant attitudes E. None of the above
If a model of a car has faulty airbag deployment, the Consumer Product Safety Commission has the power to recall that model on receiving complaints
Indicate whether the statement is true or false
All mistakes of fact are material
Indicate whether the statement is true or false
Identify which of the following statements is false.
A) A Technical Advice Memorandum may be requested by an IRS auditor if the transaction in question involves an especially complex tax issue. B) If the taxpayer being audited does not concur with the proposed assessment, the Service is required to send the taxpayer a 30-day letter detailing the proposed changes and the available appeals process. C) During the audit process, if the taxpayer concurs with the assessment of tax by the IRS and signs Form 870 (Waiver of Restrictions on Assessment and Collection of Deficiency in Tax), then the taxpayer is precluded from filing a refund suit. D) Interest on a deficiency accrues from the due date of the return through the payment date.