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Acct 465 - Chp14

IA terms from chapter 14

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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