Week 5 - Steps to Assessing Control Risk Flashcards
(9 cards)
1
Q
What is the first step to assessing control risk?
A
Identify risks
2
Q
What is the second step to assessing control risk?
A
Control objective
3
Q
What is the third step to assessing control risk?
A
Control procedure
4
Q
What is the fourth step to assessing control risk?
A
Test of control
5
Q
If the control is working, what do we do?
A
Lower control risk
6
Q
What is compliance testing?
A
Testing of controls
7
Q
What is substantive testing?
A
Testing year-end transactions - balances and transactions
8
Q
Goods delivery note
A
Issued by supplier
9
Q
Goods received note
A
Issued by company receiving the supplies
