Summary: Lecture 5 (Ais)
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1 Lecture 5 (AIS)
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What are the 3 main factors that affect type of management report?
-Type of organization
-Functionmanaged
-Time horizon -
Name the characteristics of a management report
- Relevance
- Summarization
- Exeption orientation
- Accuracy
- Completeness
- Timeliness
- Conciseness and clearly presented -
What are the two categories of management reports?
Programmed reporting and ad hoc reports -
What are controls to mitigate threat of poorly designed reports?
- Responsibility accounting
- Flexible budgets
- Balanced scorecard
- Proper graph design -
What are the 4 categories of management objectives in the COSO framework?
1. Strategic
2. Operations
3. Reporting
4. Compliance -
What is the control environment split in in the COSO framework?
1. Internal environment
2. Objective setting
3. Event identification -
Who use the internal control-integrated framework?
• The Board of Directors
• Senior management
• Other management and personnel
• Internalauditors
• Independent auditors
• Other professional organizations
• Educators -
What are the objectives of the General Ledger System?
1. Completeness
2. Validity
3. Accuracy
4. Timeliness
5. Resource security -
What are the risks of the General Ledger System?
•Subsidiary not equal to G/L control accounts
•Inappropriate access to the G/L
•Poor audit trail
•Lost or damaged data
•Account balances that are wrongbecause of unauthorized or incorrect journal vouchers -
What is the audit trail?
Tracing back to the individual business events that have been aggregated into the GL balances
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