Lesson: Review of Internal Controls

This lesson provides an overview of the internal control process, discussing its objectives and elements such as control activities, risk assessment concerns, information and communication, monitoring, and the control environment. The lesson highlights critical controls such as pre-numbered documents and segregation of duties. It also emphasizes the importance of evaluating and documenting internal controls as an auditor. This includes walkthroughs during the planning stage, understanding the design of controls, assessing risks, and designing procedures based on these risks. Additionally, the lesson mentions various methods of documenting internal controls such as taking notes during meetings, using questionnaires, creating flowcharts, and obtaining procedural manuals and organizational charts.