Accounting systems, processes and controls

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Accounting systems, processes and controls by Mind Map: Accounting systems, processes and controls

1. Quick overview

2. Scope and definitions

2.1. Scope

2.2. Key definitions

3. Current issues and further resources

3.1. Further resources

4. Limitations of internal control

5. Audit objectives

6. Risk assessment procedures

7. The control environment

7.1. Obtaining information

7.2. Management's oversight responsibilities

7.3. Independence and oversight of those charged with governance

7.4. Assignment of authority and responsibility

7.5. Attracting, developing and retaining competent individuals

7.6. Accountability

7.7. Internal audit function

8. Direct and indirect controls

9. The entity's risk assessment process

10. Deficiencies in internal control

11. Assessing the design and implementation of controls

12. Documenting processes, systems and controls

12.1. Narrative notes

12.2. Flowcharts

13. Testing the operational effectiveness of controls

13.1. Types of controls tests

13.2. Sampling

13.3. Impact of testing results

13.4. Concluding on reliance on controls

14. Manual and automated elements of internal control

15. Examples of controls

15.1. By assertion

15.2. By financial statement area

16. The information system and communication

16.1. Information system

16.1.1. Components of the information system

16.1.2. Types of information system

16.1.3. Business processes

16.1.4. Documentation

16.2. Communication

17. Control activities

17.1. Identifying controls

17.1.1. Types of controls

17.1.1.1. Authorisations and approvals

17.1.1.2. Reconciliations

17.1.1.3. Verifications

17.1.1.4. Physical or logical controls

17.1.1.5. Segregation of duties

17.1.2. Controls that address a significant risk

17.1.3. Controls over journal entries

17.1.4. Plans to test operating effectiveness

17.1.5. IT controls

17.2. Design and implementation of controls

18. Monitoring the system of internal control

18.1. Monitoring activities

18.2. Internal audit function