Internal Control System Discussion

Internal Control System Discussion Essay

Instructions/Descriptions

Internal Control System Discussion Essay

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An auditor is required to obtain sufficient understanding of each component of an entity’s internal control system to plan the audit of the entity’s financial statements and to assess control risk for the assertions embodied in the account balance, transaction class, and disclosure components of the financial statements.

Required:

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1. Define internal control.
2. For what purpose should an auditor’s understanding of the internal control components be used in planning an audit?
3. What are an auditor’s documentation requirements concerning an entity’s internal control system and the assessed level of control risk?

What is Fair Value Accounting Discussion Questions

1-Describe the followings in your own words: (2marks)

A What is Fair Value Accounting?

Bhat Is Fair Market Value Accounting? How the FASB is going to standardize the calculation of financial instruments by looking at their historical cost?

Answer:

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2- What do you mean by loan loss provision? Why Does a Loan Loss Provision Matter? And how does a loan loss provision work? (1.5 mark)

Answer:

3- How to differentiate liquid risk and Credit Risk with reference to the financial economics sector and how the interest rate risk makes an impact on the economy?

Internal Control System Discussion Essay

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