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Internal Control Audit Essay

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STAFF VIEWS

AN AUDIT OF INTERNAL CONTROL OVER FINANCIAL REPORTING THAT IS INTEGRATED WITH AN AUDIT OF FINANCIAL STATEMENTS: GUIDANCE FOR AUDITORS OF SMALLER PUBLIC COMPANIES

JANUARY 23, 2009

This publication presents the views of the staff of the Public Company Accounting Oversight Board on how auditors can apply certain provisions of Auditing Standard No. 5 to audits of internal control over financial reporting of smaller, less complex public companies. The statements contained in this publication are not rules of the Board, nor have they been approved by the Board.

Staff Views January 23, 2009 Page 2 of 62

TABLE OF CONTENTS
Chapter Topic Page

Introduction ...........................................................................................................3 1 Scaling the Audit for Smaller, Less Complex Companies ............................6 2 Evaluating Entity-Level Controls ..................................................................12 3 Assessing the Risk of Management Override and Evaluating Mitigating Actions ..........................................................................................18 4 Evaluating Segregation of Duties and Alternative Controls .......................24 5 Auditing Information Technology Controls in a Less Complex Information Technology Environment ..........................................................27 6 Considering Financial Reporting Competencies and Their Effects on Internal Control.............................................................................35 7 Obtaining Sufficient Competent Evidence When the Company Has Less Formal Documentation..................................................................39 8 Auditing Smaller, Less Complex Companies with Pervasive Control Deficiencies.......................................................................................44...

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Internal Control Audit. Anti Essays. Retrieved December 12, 2018, from the World Wide Web: http://parimatchstavki7.com/free-essays/Internal-Control-Audit-598908.html