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Coopers and Lybrand International Internal Control Reference Manual, V 3 Production Cycle

NCJ Number
Date Published
39 pages
The third volume of the Internal Control Reference Manual explains questions found in the Internal Control Questionnaire (ICQ) which refer to the production cycle.
It also assists the auditor in completing the Record of Control Weaknesses. The question, as it appears in the ICQ, is printed at the beginning of each explanation. Following the question is an explanation of the purpose of control procedures covered by the question. Procedures commonly found in practice are set forth, with explanations of the impact of those procedures on the adequacy of the company's internal control. Where appropriate, cross-reference is made to the common control procedures described; information is presented in three columns, describing a typical situation or procedure, the impact of the situation on adequacy of control, and an example of the circumstances described. Additionally, the usual effect of a 'no' answer on the financial statements and on audit procedures is described, with explanations and examples of the errors that could be present in the financial statements as a result of the control weakness. Finally, changes that would usually be made in audit procedures as a result of the control weakness are described. An index to questions found in this volume is included. For related documents, see NCJ 69967-68and 69970-71.