Explain the checklists -documenting the accounting system, Financial Management

Assignment Help:

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.


Advantages

Comprehensive as narrative and should therefore cover all controls

Standerd questionnaires with a little tailoring for the specific business

easy to amend and update

easy to delegate

highlight key features and controls

good for preliminary assessment of controls


Disadvantages

Is not visual or diagram based and not easy to quickly understand

client are able to mislead on the effectiveness of controls

controls operated by client may not be identified because of standerdiezed questionnaire

may contain large number of irrelevent controls

 


Related Discussions:- Explain the checklists -documenting the accounting system

ABF, HOW TO CALCULATE ASSESSED BANK FINANCE

HOW TO CALCULATE ASSESSED BANK FINANCE

Determine the amount of financing required - cost of capital, Determine the...

Determine the Amount of financing required   The last factor determining company's cost of funds is the amount of financing required, where cost of capital increases as the fin

Prepare a monthly cash budget, Citilink will start a new business line on 1...

Citilink will start a new business line on 1st July, 2011 to make and sell bus souvenirs. The target sales and production volume are 525,000 in next year. The following projected

Problem in the determine of cost of the capital, Q. Problem in the determin...

Q. Problem in the determine of cost of the capital? Conceptual controversies regarding the relationship between the cost of the capital and the capital structure: different the

Working capital, define matching principle of working capital financing

define matching principle of working capital financing

What are the factors to consider in a takeover and merger, Factors to cons...

Factors to consider in a takeover/ merger Before a company decides to merge or acquire the following considerations should be taken: Rejection of bid by ta

Hedging, how does "x" company hegde itself? the company name will be shared...

how does "x" company hegde itself? the company name will be shared later.

Types of rating - sovereign rating, Sovereign Rating This...

Sovereign Rating This includes rating a country as to its creditworthiness, probability of default, etc.

Marketing, How to use integrated promotional mix to achieve marketing objec...

How to use integrated promotional mix to achieve marketing objectives

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd