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

Corporate debt, which critically examines the benefits and risks to a compa...

which critically examines the benefits and risks to a company, of incorporating corporate debt into a portfolio of equity and debt.

Operating cycle, applicability of an operating cycle in vegetable growing b...

applicability of an operating cycle in vegetable growing business

Finance Homeork question/quote, The management of Border Bank has asked you...

The management of Border Bank has asked you to help with it with its market risk calculations. It has compiled the following data on its financial assets: • $500 million of amorti

Leverage, evaluate the importance of leverage in financial management of a ...

evaluate the importance of leverage in financial management of a small scale company

What is the advantages of IFRS 8, What is the advantages of IFRS 8 A...

What is the advantages of IFRS 8 Advantages Allows users to view internal management's approach and highlights what's important from management's point of view.

Cost of capital, ABC Ltd. Produces electronic components with a selling pri...

ABC Ltd. Produces electronic components with a selling price per of Rs.100. Fixed cost amount to Rs.2,00,000/- 5000 units are produced and sold each year. Annual profits amount to

Calculate the economic order quantity, Q. Calculate the Economic Order Quan...

Q. Calculate the Economic Order Quantity? Calculate the Economic Order Quantity from the following details: Annual Inventory Requirements = 4, 00,000 units Cost of placin

Define the problems into capital budgeting analysis, What problems can take...

What problems can take place into the capital budgeting analysis if project debt is evaluated in place of the borrowing capacity created by the project? If project debt is grea

Kristie, Hi I have been working in this for 2 weeks now and I just can''t s...

Hi I have been working in this for 2 weeks now and I just can''t seem to figure it out. ok lets say Bill is 40 yrs old. His made 72,000 last year had 60,000. in annual expenses,

Evaluate the initial exchange of cash, Consider a currency swap in which th...

Consider a currency swap in which the domestic party pays a fixed rate in foreign currency, the UK pounds sterling, and the counterparty pays a fixed rate in US Dollars. The not

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