Internal Control

Auditing Theory: Concept and Practice Tutorial Series covers the necessary skill and knowledge that will help in passing the CPA Licensure Exam and information that will guide auditors in performing auditing and related services.

This video aims to help the viewers understand and review the consideration of internal control in an audit of financial statements.

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Contents:
0:00 - Start
1:10 - Definition of Internal Control
4:43 - Inherent Limitations of Internal Control
12:23 - Management and Auditor's Responsibilities Over Internal Control
15:25 - Controls Relevant to the Audit
19:00 - Risk Assessment: Understanding of Controls
26:14 - Documentation of Understanding
34:19 - Risk Response: Test of Controls
42:50 - Deficiency in Internal Control
49:40 - Components of Internal Control: Overview
56:00 - A. Control Environment
1:09:05 - B. Entity's Risk Assessment Process
1:11:50 - C. Information System and Communication
1:15:45 - D. Control Activities
1:29:23 - E. Monitoring of Controls
1:36:35 - Entity-Wide and Transaction Controls

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