2021年8月18日 · When auditors think about approaching an audit, they often ask themselves, “What could go wrong that would cause the client’s financial statements to be materially misstated?” Because the answer to this question could lead to a daunting list of possible scenarios, auditors must first assess the risks and then determine how to address them.

the EY Global Audit Methodology (EY GAM). S03 Understand Flows of Transactions, WCGW s, and Controls of EY GAM requires us to gain an understanding of the flow of transactions within significant processes and the sources and preparation …

2020年10月27日 · One of the more common methods to do this is by determining “what could go wrong” (WCGW).  Let us take the following Independence-related issue regarding impermissible non-audit services. An example WCGW is: The Firm fails to be independent in accordance with SEC Rule 2-01 due to an affiliate firm having performed impermissible non …

• A well-designed system of internal control assigns a control to each WCGW. • The County could have one control that addresses one WCGW, a suite of controls that address one WCGW, or one control that addresses multiple WCGWs. • Controls are often described in terms of a control category, such as authorization,

2018年2月28日 · During the risk assessment phase, management identified “what could go wrong” (WGGW) in those significant cycles. In the control activity phase, controls are developed and implemented so “things go right”. The following are examples of WCGW and mitigating controls for select transaction cycles:

2018年11月30日 · “An auditor conducting an audit in accordance with GAAS is responsible for obtaining reasonable assurance that the financial statements as a whole are free from material misstatement, whether caused by fraud or error.

2020年6月16日 · WCGW, une méthode qui consiste pour l’auditeur à contrôler ce qui peut mal tourner au niveau des processus d’une entreprise. Pour la rubrique chiffre d’affaires, par exemple, ce qui peut poser problème lors de l’initiation de la facture de vente est contrôlé.

It discusses the principles of internal controls and their relationship to risks. It also provides a self-assessment checklist for small NGOs to evaluate the maturity of their internal controls in key processes like budget preparation, income management, payroll processing, and procurement.

Auditing uses different techniques to evaluate the effectiveness of internal controls. Walkthrough testing is one such auditing technique. The purpose is to identify any errors, frauds, omissions, and misconduct in operations. Also, the walkthrough test evaluates whether the entity needs an improvement in internal controls implementation.