Question I
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) updated its
Internal Control - Integrated Framework in 2013 outlining the five components of internal controls that are required under the Sarbanes-Oxley Act's Section 404 provisions. List and explain those components.
Question II
i. Define and explain the term internal control in the context of Audit and Assurance.
ii. The use of IT (information technology) affects the way transactions are initiated, authorized, recorded, processed and reported. Discuss the potential Benefits and Risks to an Entity's Internal Control from IT use.
Question III
In the context of audit evidence, explain what Audit documentation is (objectives and content) and give specific examples.