Flashcards in Audits Deck (10):
Segregation of job duties falls under what audit component?
Internal control system
What is the purpose of segregating job duties?
To minimize the opportunity for a single employee to control an end to end process, thereby minimizing risk of fraud or embezzlement
Balancing and reconciliation is a component of
What does SAS 70 stand for?
Statement of accounting standards #70
What is SAS 70 used to comply with?
SAS 70 has been replaced by what ?
SSAE 16 is also referred to as
SOC 1 audit report
What is the purpose of SSAE 16/ SOC 1?
To help comply with SOC requirements, to show effective internal controls covering financial reporting
What is a phantom employee?
A fraudulently created individual whom accesses the payroll system for the purpose of creating a paycheck that can be claimed and cashed by a 3rd party