Select Your Allocated Area
Each group selects one area and works together to complete the internal control matrix
Use Chapter 8 of your textbook for reference
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| Stage / Process Step |
Control Objective
What the control is trying to achieve — the desired outcome at this stage
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Control Risk
What could go wrong if the control is absent or fails
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Controls Expected
The specific controls the company should have in place to mitigate the risk
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Auditor's Test of Control
How the external auditor would test that the control is operating effectively
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