From the course: The Future of Audit

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Operation controls

Operation controls

From the course: The Future of Audit

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Operation controls

- As companies use increasingly complicated levels of technology and automation in their operations, it will still be important when doing audits to evaluate their internal controls, even if there are fewer people in the process. There are five different ways that internal controls are assessed. First there's the control environment. There's also the risk assessment, control activities, information and communication and monitoring activities. No matter how complicated the technology is becoming in the future, auditors will still be required to examine how often these internal controls are tested and to assess if they're done in a timely manner and with what frequency and on a continuous basis. At the time this video was recorded, there were 17 different principles and five different components of internal control set by the AICPA. In the future of audit, some of those things may change, but the notion of making sure that…

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