State the factors of tests of controls, Financial Management

State the factors of Tests of controls

Tests of controls may include

· Enquiriesand observationscorroborating internal control functions.

  • Inspection of documents evidencing operation of an internal control, for instance a transaction has been authorised.
  • Examination of evidenceof management reviews, for illustration minutes of management meetings at which financial results are reviewed and corrective action decided on.
  • Re-performanceof control procedures, for instance reconciliation of bank accounts, to ensure they were correctly performed by entity.

· Testing of the internal controlsoperating on specific computerised applications or over the overall IT function, for instance access or program change controls.

 

 

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