W5 - Evaluating Internal control systems Flashcards
1
Q
What is a control ?
A
Control is a process initiated by higherachy within an entity which provides reasonable assurance that objectives will be achieved
2
Q
What are the main objectives than an entities higherachy aim to achieve
A
- Effectiveness and efficiency of operations
- Financial reporting
- Law compliance
3
Q
What are controls used for within an entity
A
- To mitigate risk
4
Q
A
