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Acct 465 - Chp14
IA terms from chapter 14
| Question | Answer |
|---|---|
| A finding, determination, or judgment derived from the internal auditor's test results from an assurance or consulting engagement | Observation |
| Indicates that a control has a remote likelihood of failing or that the impact of its failure is trivial | Insignificant |
| Indicates that a control has a more than remote likelihood of failing and that the impact of its failure is more than trivial | Significant |
| Indicates that a control has a more than remote likelihood of failing and that the impact of its failure exceeds that materiality threshold. | Material |
| -Criteria -Condition -Cause -Effects All part of.. | Elements of an observation |
| What should exist | Criteria |
| What does exist | Condition |
| Why there is a difference between what should exist and what does exist | Cause |
| The consequence of the difference between what should exist and what does exist | Effect |
| Suggested corrective actions to correct the condition | Recommendation |
| The vehicle through which the internal audit function informs interested parties of engagement outcomes | Final communication |
| What is or is not included within an engagement | Scope |
| The internal audit function's assessment of the design adequacy and operating effectiveness of the controls subject to audit | Conclusion |
| The assignation of a numeric or descriptive appraisal of engagement results for the purpose of comparing or trending them with other engagement results | Rating System |
| A rating or conclusion by the internal auditor that provides specific assurances about an engagement | Positive Assurance |
| A rating or conclusion indicating that nothing negative has come to the internal auditor's attention | Negative Assurance |
| Communication regarding insignificant observations related to secondary controls that might be compromised | Informal communication |
| It is important to ensure readers of an audit communication under what the ratings used by the internal audit function mean | Rating definitions |
| -Accurate -Objective -Clear -Concise -Constructive -Complete -Timely What ________ must be | Quality communications |
| An unintentional misstatement or omission by the internal audit function of significant information in the final engagement communication | Error |
Created by:
cwdorris
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