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Wiley Practitioner's Guide to GAAS 2018, 2nd Edition
book

Wiley Practitioner's Guide to GAAS 2018, 2nd Edition

by Joanne M. Flood
April 2018
Beginner to intermediate content levelBeginner to intermediate
880 pages
28h 54m
English
Wiley
Content preview from Wiley Practitioner's Guide to GAAS 2018, 2nd Edition

AU-C 940 An Audit of Internal Control over Financial Reporting That Is Integrated With an Audit of Financial Statements

AU-C Original Pronouncement

Source Statement on Auditing Standards (SAS) 130.

AU-C 940 Definitions of Terms

Source: AU-C 940.05

  1. Audit of ICFR. An audit of the design and operating effectiveness of an entity's internal control over financial reporting (ICFR).
  2. Control objective. The aim or purpose of specified controls. Control objectives address the risks that the controls are intended to mitigate. In the context of ICFR, a control objective generally relates to a relevant assertion for a significant class of transactions, account balance, or disclosure and addresses the risk that the controls in a specific area will not provide reasonable assurance that a misstatement or omission in that relevant assertion is prevented, or detected and corrected, on a timely basis.
  3. Criteria. The benchmarks used to measure or evaluate the subject matter. (Ref: par. .A5)
  4. Detective control. A control that has the objective of detecting and correcting errors or fraud that have already occurred that could result in a misstatement of the financial statements.
  5. Internal control over financial reporting ( ICFR). A process effected by those charged with governance, management, and other personnel, designed to provide reasonable assurance regarding the preparation of reliable financial statements in accordance with the applicable financial reporting framework. ICFR includes ...
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Publisher Resources

ISBN: 9781119396482Purchase book