AUDITING REVISION CONTINGENCY-CONTINOUS AUDITING |AUDITING ORGANIZATION | ICAN REVISON ON AUDITING

CONTINOUS AUDITING | AIDTING REVISION ON AUDITING CONTINGENCY
CONTROLS OR INTERNAL CONTROL BASICALLY CONTROL ACTIVITY COULD BE ELECTRONIC COULD BE FINANCIAL COULD BE PHYSICAL SO ICAN CONTROL ACTIVITY SIMPLY PUT OUR EFFORTS PROCEDURES PROCESSES THAT MANAGERS OR MANAGEMENT AS A WHOLE PUT IN PLACE FOR TO SAVE THAT ASSETS TO MAXIMIZE OUR PROFITABILITY AND TO MINIMIZE FRAUD AND IT'S EASY AN EARLIER DETECTION OF FRAUD THAT IS CONTROL ACTIVITY

SO CONTROL ACTIVITY ACTUALLY BELONGS TO THE MANAGER OR THE MANAGEMENT TO PUT CONTROL IN PLACE AND CONTROL ACTIVITY COULD BE IN FORM OF I TALK ABOUT PHYSICAL LET'S SAY WE PUT PADLOCK LOCK AND KEY TO ASSESS OR DENY ACCESS TO A PARTICULAR PLACE THAT IS A CONTROL ACTIVITY SO IT HELPS ENSURE THAT MANAGEMENT DIRECTIVES ARE CARRIED OUT ONLY PEOPLE THAT NEED ACCESS TO THAT PARTICULAR PLACE WE HAVE IT SO IT COULD BE ELECTRONIC MAYBE WE HAVE TO LOG IN MAYBE THERE'S A TONE PRINTING ELECTRONIC THAT WE NEED TO TO CLOCK IN TO CLOCK OUT AND LIKE THOSE ARE CONTROL ACTIVITIES BUT NOW IS A TYPE OF ELECTRONIC SO IT COULD BE PHYSICAL IT COULD BE IT COULD BE PHYSICAL IT COULD BE ELECTRONIC BUT THOSE ARE GENERALLY CONTROL ACTIVITY WHO HAS RESPONSIBILITY FOR CONTROL TO PUT CONTROL ACTIVITIES IN PLACE I'VE MENTIONED IT BELONGS TO MANAGEMENT NOT THE AUDITOR

CONTROL ENVIRONMENT HAVING SAID I HAVEN'T SPOKEN ABOUT CONTROL ACTIVITY CONTROL ENVIRONMENT NOW IS AN ATTITUDE ACTUALLY WHEN WE'RE TALKING ABOUT CONTROL ENVIRONMENT IS THE TOTALITY OF BOTH THE CONTROL THE CONTROL ENVIRONMENT THE CONTROL ACTIVITIES PUT IN PLACE AND THE ATTITUDE OF MANAGEMENT WAS ANYTHING CONTROL

ACTION OF THOSE CHARGED WITH RESPONSIBILITY TO GOVERN THE ORGANIZATION TO MANAGE THE ORGANIZATION AS IT CONCISES INTERNAL CONTROL AS IT CONCERNS THE IMPORTANCE OF CONTROL TO AN ENTITY SO THEREFORE IF A MANAGEMENT STYLE COULD BE PERCEIVED TO BE LIKE CADASTICA THEN WE CAN SAY THAT THE CONTROL ENVIRONMENT IS WEAK BUT IF AT THE SLIGHTEST INCLINATION OF A MANAGER MANDATORILY TRY TO KNOW ALL THAT HAS HAPPENED THEN WE CAN SAY THE ATTITUDE OF THE MANAGEMENT TOWARDS GOVERNANCE TOWARDS CONTROL IS VERY STRONG THEREFORE CONTROL ENVIRONMENT IS STRONG SO WE CAN CONCLUDE THAT TO TO THE EXTENT TO WHICH THE ORGANIZATIONS MANAGERS AND MANAGEMENT AS A WHOLE TAKES SERIOUSLY CONTROL PUT IN PLACE OR CONTROLS PUT IN PLACE TO THAT EXTENT IS CONTROL ENVIRONMENT GOING TO BE STRONG OR IS GOING TO BE WEAK THAT IS CONTROLLED ENVIRONMENTS CONTROL RISK THEREFORE DON'T HAVEN'T SAID THAT CONTROL ACTIVITY CONTROL INTERNAL CONTROL BELONGS TO MANAGERS AND MANAGEMENT AS A RESPONSIBILITY OR AS RESPONSIBILITIES THEN THEREFORE CONTROL RISK A DOOR AS A LOCK THE FUNCTION OF IT IS THE OBJECTIVE OF PUTTING THAT DOOR UNDER LOCK AND KEY IS TO DENY ASSETS OR GIVE ACCESS TO AUTHORIZED USERS OR THOSE THAT NEED TO HAVE ACCESS INTO THAT SPACE BUT NOW IF FOR ANY REASON AN AUTHORIZED PERSON ENTERS INTO THAT SPACE MAYBE A ROOM OR A WORKPLACE THEN AND THE LOCK COULD NOT DENY IMMORAL ASSETS THE CASE WOULD NOT DENY HIM OR OR HER ASSETS THEN WE WILL BE TALKING ABOUT CONTROL RISK SO A CONTROL RISK HAS TAKEN PLACE A CONTROL RISK HAS TAKEN PLACE SO THE CONTROL RISK IS THE RISK THAT THE MITIGANTS PROCESSES WE'VE PUT IN PLACE COULD NOT ACHIEVE DESIRED AIM
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GBENGA OLATUNJI IS A TRAINED AND CERTIFIED LECTURER WITH MANY YEARS OF EXPERIENCE BOTH IN THE CORPORATE WORLD AND THE EDUCATION INDUSTRY. HE IS THE MANAGING PARTNER AT GBENGA OLATUNJI & CO. AND TRAINING PARTNER, GJAMES ASSOCIATES, A PUBLISHED AUTHOR OF TWO (2) LIFE ENHANCING BOOKS. THE GIFT: YOUR REWARDING WAY TO FULFILMENT AND RELEVANCE AND YOU ARE PRECIOUS: KNOWING YOUR TRUE SELF