Internal Control Questionnaires (ICQs) Flashcards
1
Q
What do ICQs comprise of?
A
A series of questions designed to help the auditor to assess strength of system of controls
2
Q
ICQs confirm to following basic principles (questions)
A
Comprise a list of questions designed to determine whether desirable controls are present for each major transaction cycle
3
Q
ICQs confirm to following basic principles (formulated)
A
They are formulated so there is one list of questions to cover each of the major transaction cycles
4
Q
Major transaction cycles?
A
Sales
Purchases
5
Q
Most effective ways of designing the questionnaire?
A
Phrase the questions so that all answers can be give a yes or no
