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Methods for Understanding Internal Control
ACCA F8 考試：Methods for Understanding Internal Control
■ To be able to understand internal control, the design of a control and then its implementation must be ascertained by the auditor.
□ Evaluating the design of a control involves considering whether the control, individually or in combination with other controls, is capable of effectively preventing, or detecting and correcting, material misstatements.
□ Implementation of a control means that the control exists and that the entity is using it.
□ A poorly designed control may still result in a material misstatement regardless of the fact that it is being correctly operated.*
Control Design
■ Risk assessment procedures to obtain sufficient evidence about the design of internal control include previous experience, inquiry, observation, inspection and walkthroughs
| Previous experience |
■Past understanding and assessments carried out （as recorded in the PAF）. This must be updated when changes have occurred in the current year. |
| Inquiry | ■ Usually of entity personnel （e.g. management, internal audit, those charged with governance, operational personnel）. |
| Observation | ■ Reviewing the application of specific controls, especially in manual systems （e.g. inventory counts, inspection of goods received, enforcement of ethical practices）. |
| Inspection | ■ Documents and reports, for example: □ the entity's risk-strategy assessment and response; □ internal control procedure manuals; □ management reports; □ system and control error reports; □ internal audit testing programmes （including reports to management and management response）. |
| Walk-through | ■ Desktop walk-through, supported by design and procedural manuals, to gain a theoretical understanding of the controls in a system. ■ Tracing a separate transaction through each relevant element of the control system （e.g. the sales system） and reviewing the design of appropriate controls. ■ This will often require the use of computer audit assisted techniques to enable the transaction to be traced through computer-based information systems （IS）. |
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