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Checklists or questionnaires
Audit firm will have a standard list of control questions. Audit staff can quickly ascertain which if any, are in operation by the client. There are two kinds; the internal control questionnaire (ICQ) and internal control evaluation questionnaire (ICEQ). ICQ's are designed to assess whether a control exists whereas ICEQ's are designed to assess whether frauds or errors are possible.
AdvantagesComprehensive as narrative and should therefore cover all controlsStanderd questionnaires with a little tailoring for the specific businesseasy to amend and updateeasy to delegatehighlight key features and controlsgood for preliminary assessment of controls
DisadvantagesIs not visual or diagram based and not easy to quickly understand client are able to mislead on the effectiveness of controlscontrols operated by client may not be identified because of standerdiezed questionnairemay contain large number of irrelevent controls
The calculations for the cash flows Actual amount of cash paid or received during the period needs to be established. This can get quite tricky as there would be accruals
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How can we interpret financial ratios??
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