Overview of testing internal controls
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- čas přidán 7. 07. 2024
- I've had a few people ask WHY we test internal controls, so I thought I'd make this short overview about why and how we test internal controls, analyse the results and the impact on our audit strategy and the rest of the audit.
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What is the difference between test of design and implementation and test of operating effectiveness? Are both part of test of controls?
You can't really test the design - you can evaluate the design and whether you think it will be effective at preventing or detecting misstatements - hence when you Assess CR, this is what you are doing. When you implement your audit strategy - you use that CR assessment to determine how much testing of operating effectiveness you are going to do. The evaluation of the design is really the Risk Assessment phase
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Design tests are related to framework. For example lets say you are testing vendor management. In design test you will check whether the company has a vendor management policy and procedure that details about the particular control.
In operating effectiveness test, you check out how much adherence is there to the policy and procedures
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Very well explained Amanda Ma'am, respect from India 🇮🇳
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Great video... Superb explanations and execution of concepts
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Hy mem ,
You teach in an easy and simply way we didnt get any difficulty to understand .
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Thanks
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Professor, could you please do a series on findings and recommendations? Thanks!
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Hi Amanda, am trying to understand the diffeence between Internal controls and substantive tests,
I like your explanations,
Same here,,, hope you figured it out well
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Dallas, Texas
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Hey Amanda. Love your videos and they are abosolutely helpful in performing IC testing. However I just wanted to check if you have made any video on Scoping of Sox/ IC and if you can share the link of the same
This's really helpful doc. Victor from Tanzania.
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Hey Karlos - thanks for watching! This might be my first ever comment from Guatemala!
Is one design of test enough? because, what if the meters we have selected are not efficient of detecting the inefficiency in our 1st test design ?
UGANDA!! Yeah
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I'm just starting looking at your videos and wondering do your videos apply to IT Audits as well?
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Hi, have you given cia part 1 ?
@@palakshah1492 hi, yes but it was the old syllabus. My advice is learn the standards.
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How Amanda im new here and from Zim
Love your work 🥰🥰🥰
Hey Phebbie! Love my fans from Zimbabwe - you're all so passionate!
please add Tanzania to your list, love your videos....
South Africa
Hi there, from the Kingdom of Cambodia
New Zealand 🙂
I really appreciate what you do, can you help us (who are entry level of this field of internal auditing)