How audit standards affect your business

Electrical Apparatus, Mar 2007 by Wiersema, William H

<< Page 1 Continued from page 2. Previous | Next

Many other controls may apply, as listed in the accompanying box. Deficiencies exist in design if appropriate controls are not in place. For example, controls must address non-routine transactions in order to be well-designed. If, on the other hand, well-designed procedures are not being followed, there is a deficiency to be reported relative to noncompliance. This may occur if management decides to ignore controls, such as providing backup support for a cash disbursement.

As apparent, complying with the new rules may be difficult. Audit fees are bound to increase. The increase will be even more significant for those companies that have not prepared. The best advice for companies is to start early, to be ready well in advance of their 2007 audit year.

Most Popular Articles in Technology: An overview of continuous data protection; Why all those current ratings?; Many countries now have a mobile penetration rate above 100%, report says; The Tata Group's big telecom gamble: VSNL's recent acquisition of Tyco ...; MEASURING BANK BRANCH EFFICIENCY USING DATA ENVELOPMENT ANALYSIS: MANAGERIAL ...; More »

By William H. Wiersema, CPA, EA Contributing Editor

Featured Download

Speak Like a CEO

How audit standards affect your business

Electrical Apparatus, Mar 2007 by Wiersema, William H

Find Research Guides for:

Find Featured Titles for: Reference

Most Popular Articles in Technology

Most Popular Publications in Technology