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Acct 465 - Chp13

IA terms

An engagement involving an objective examination of evidence for the purpose of providing an independent assessment on governance, risk management, and control processess for the organization. Assurance Engagement
What an audit wants to achieve Engagement objectives
What is or is not included within an engagement Scope
A discrete and recognizable portion or component of a process Subprocess
The subsidiary, business unit, department, group, or other established subdivision of an organization that is the subject of an assurance engagement Auditee
What the auditee is striving to achieve Auditee Objectives
Reviewing and evaluating existing information, which may be financial or nonfinancial, to determine whether it is consistent with predetermined expectations. Analytical Procedures
Automated audit techniques, such as generalized audit software, ..., that help the IA directly test controls built into computerized IS's and data contained in comp. files Computer-assisted Audit Techniques
Controls that operate across an entire entity and, as such, are not bound by, or associated with, individual processes. Entity-level Controls
Depicts the broad inputs, activities, workflows, and interactions with other processes and outputs. Process Map
Expands on a process map to include computer systems and applications, document flows, detailed risks and controls, manual versus automated steps, elapsed time, and owners of key steps Flowchart
Simple process, complicated steps, process owner request, more efficient Reasons for narrative memoranda
A metric or other form of measuring whether a process or individual tasks are operating within prescribed tolerances. Key Performance Indicator
Any illegal act characterized by deceit, concealment, or violation of trust Fraud
The possibility that an event will occur and adversely affect the achievement of objectives Risk
The identification and analysis (typically in terms of impact and likelihood) of relevant risks to the achievement of an organization's objectives, forming a basis for determining how the risk should be managed. Risk Assessment
The severity of outcomes caused by risk events. Can be measured in financial, reputation, legal, or other types of outcomes. Impact
The probability that a risk event will occur Likelihood
The amount of risk, on a broad level, an organization is willing to accept in pursuit of its business objectives. Risk appetite
The acceptable levels or risk size and variation relative to the achievement of objectives, which must align with the organization's risk appetite Risk tolerance
An activity designed to reduce risk associated with a critical business objective Key Control
Assessment of whether management has planned and organized (designed) the controls in a manner that provides reasonable assurance that the related risks can be managed to an acceptable level. Design Adequacy
A level of assurance that is supported by generally accepted auditing procedures and judgments. Reasonable assurance
A document that lists the procedures to be followed during an engagement, designed to achieve the engagement plan. Work Program
-Internal auditors -Other people -Travel -Technology -Other These all make up... Engagement resources
Supplements the inhouse internal audit function through the use of third-party vendor services for the purposes of gaining subject matter expertise for a specific engagement or filling a gap in needed resources to complete the internal audit plan. Strategic Sourcing
Assessment of whether management has executed (operated) the controls in a manner that provides reasonable assurance that risks have been managed effectively and that the goals and objectives will be achieved efficiently and economically. Operating effectiveness
A finding, determination, or judgment derived from the internal auditor's test results. Observation
-Part of annual plan -Compliance requirement -Postmortem -Significant changes Purpose of Engagements
-Operations -Reporting -Compliance -Strategic COSO Objective Categories
-Inputs -Processing -Outputs Gather Information About:
-Simple process -Complicated steps -Process owner request -More efficient Reasons for Narrative Memoranda
Created by: cwdorris
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