AUD Prep: As a tool to analyze the audit considerations of internal control policies and procedures in each transaction cycle, remember that internal controls (specifically, “control activities”) should “SCARE”!

What does this acronym stand for?

Question

As a tool to analyze the audit considerations of internal control policies and procedures in each transaction cycle, remember that internal controls (specifically, “control activities”) should “SCARE”!

What does this acronym stand for?

Monique Tyler · Accepted Answer

1. Segregation of duties
2. Control (physical)
3. Authorization (management)
4. Review (reconciliation)
5. EDP (IT)

AUD Prep

As a tool to analyze the audit considerations of internal control policies and procedures in each transaction cycle, remember that internal controls (specifically, “control activities”) should “SCARE”! What does this acronym stand for?

1. Segregation of duties 2. Control (physical) 3. Authorization (management) 4. Review (reconciliation) 5. EDP (IT)

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