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ACC 451 (Chapter 12)
Internal Auditing
9
Accounting
Undergraduate 4
03/29/2010

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Cards

Term
Performance-focused Engagmenents
Definition
Focus directly on operational, reporting, and/or compliance performance.
Term
Controls-focused Engagements
Definition
Focus on the design adequacy and operating effectiveness of controls implemented to provide reasonable assurance that performance objectives are met.
Term
Auditee Objectives
Definition
What the auditee is striving to achieve.
Term
Auditee Assertions
Definition
After-the-fact statements of what was achieved.
Term
Inherent Risk
Definition
The combination of internal and external risk factors in their pure, uncontrolled state.
Term
Key Control
Definition
An activity designed to reduce risk associated with a critical business objective.
Term
Engagement Work Program
Definition
A document that lists the procedures to be followed during an engagement, designed to achieve the engagement plan.
Term
Observation
Definition
A finding, determination, or judgment derived from the internal auditor's test results.
Term
Monitoring Progress
Definition
The follow-up process established by the CAE to ensure that management actions have been effectively implemented or that senior management has accepted the risk of not taking action.
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