Overview of testing internal controls

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Overview of testing internal controls

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Күн бұрын

I've had a few people ask WHY we test internal controls, so I thought I'd make this short overview about why and how we test internal controls, analyse the results and the impact on our audit strategy and the rest of the audit.
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Пікірлер: 215

@quantumphotoelectric8957 2 жыл бұрын

What is the difference between test of design and implementation and test of operating effectiveness? Are both part of test of controls?

@amandalovestoaudit 2 жыл бұрын

You can't really test the design - you can evaluate the design and whether you think it will be effective at preventing or detecting misstatements - hence when you Assess CR, this is what you are doing. When you implement your audit strategy - you use that CR assessment to determine how much testing of operating effectiveness you are going to do. The evaluation of the design is really the Risk Assessment phase

@albertogarcia7974 Жыл бұрын

@@amandalovestoaudit Thank you so much for sharing knowledge in a such practical fashion!

@asishpanda9123 8 ай бұрын

Design tests are related to framework. For example lets say you are testing vendor management. In design test you will check whether the company has a vendor management policy and procedure that details about the particular control. In operating effectiveness test, you check out how much adherence is there to the policy and procedures

@dineomoaisi6724 2 жыл бұрын

I am preparing for my final Board exam and so glad to have found your channel. Thanks for the great content. Love from South Africa

@amandalovestoaudit 2 жыл бұрын

Good luck in your exam Dineo! Please do drop by and let us know how you went (or contact me via FB or Instagram)

@changchang19 2 жыл бұрын

Hi Professor Amanda, thank you for your videos. I have few years of Audit experience with one of Australia major retailers (I'm without Big 4 and second tier audit background and limited professional guidance in my early days of audit career) and still find your videos exceptionally helpful. Wished I have seen your videos years ago 🙂 Keep up the great work

@banugi9400 8 ай бұрын

This is the most underrated channel which gives a practical guide in the field of auditing and it also guides in different audit exams. I am from India and i am studying for intermediate exam for Chartered Accountant. This really helps Amanda, and Thankyou soo much

@shariqaijaz536 3 жыл бұрын

Hy mem , You teach in an easy and simply way we didnt get any difficulty to understand . Thank you :)

@amandalovestoaudit 3 жыл бұрын

You are so welcome!

@shariqaijaz536 3 жыл бұрын

:)@@amandalovestoaudit

@leshirendani5196 3 жыл бұрын

I love your videos simplifies the audit language thank you so much, from South Africa ❤️

@amandalovestoaudit 3 жыл бұрын

You're so welcome Leshi!

@siddeeqabdullah9339 3 жыл бұрын

From Sri lanka! You're doing such a great service! 😇 Whenever I seek for insight / doubt of audit steps I just go and check your playlist 😊

@amandalovestoaudit 3 жыл бұрын

Thank you Siddeeq for such confidence in me 🙏🙏

@mohamedalitahlil5365 3 жыл бұрын

Greeting from Somalia 🇸🇴, happy to be your student.

@amandalovestoaudit 3 жыл бұрын

Thanks Mohamed 😊

@lindachan8240 3 жыл бұрын

Thank you from Malaysia! Learn a lot from your videos!

@amandalovestoaudit 3 жыл бұрын

You’re very welcome Linda!

@fouadsesay1852 3 жыл бұрын

Am from Sierra Leone and I like your explanation thanks so much.

@amandalovestoaudit 3 жыл бұрын

Glad it was helpful!

@palakshah1492 3 жыл бұрын

Very well explained Amanda Ma'am, respect from India 🇮🇳

@uyansetiawanaskam3628 Жыл бұрын

Thanks so much Amanda, from Bandung - Indonesia

@suleymankuran5558 2 жыл бұрын

I appreciate what you do Amanda. You are amazing. Greetings from Turkey!

@amandalovestoaudit 2 жыл бұрын

Thank you!

@naj640 3 жыл бұрын

You've actually help me understand and potentially loving audit 🙂 thank you very much Amanda 💙

@amandalovestoaudit 3 жыл бұрын

I'm so glad to hear this Naj!

@balaasathya 3 жыл бұрын

@@amandalovestoaudit iam bala, really interested and your explanation with clarity makes it more interesting. Looking forward to listen to cobti ious class..best regards. Bala (bala69sathya@gmail.com)

@AnilynBalena 4 ай бұрын

thanks for this Dr. Amanda! I’ll be taking up my exam next month! yeah, im claiming and manifesting that ill surely pass my exam bcs of your videos! ❤

@katjasierla1033 3 жыл бұрын

Greetings from Finland! Thank you dear Amanda for your amazing channel ❤️ Love it!

@amandalovestoaudit 3 жыл бұрын

Thank you Katja! 🙏😊

@zachariahz.sowion9272 2 жыл бұрын

Hi, Amanda, I'm so excited to listen to one of your lecture series today. My name is Zachariah from Liberia

@ramadhanimwakaje1039 6 ай бұрын

Thank you for your Video clips, I am a Tanzanian

@kamrulhasannahid3994 9 ай бұрын

appreciate the videos! Cheers from Bangladesh!

@ceydaerbay5778 Жыл бұрын

You probably will not see but I'm from Türkiye and I wanted to say thank you. Your videos help me a lot to understand auditing concepts so for my final exam☺

@MauriceMlambia Жыл бұрын

Hi watching from Malawi. S/O to Amanda loves to audit. #learning

@prince-uba Жыл бұрын

Thank you Amanda, your videos were so helpful. Love from Nigeria 🇳🇬

@lakshmivazhayil788 3 жыл бұрын

Thank you for making these videos and find them very useful in understanding audit processes.

@amandalovestoaudit 3 жыл бұрын

You are so welcome!

@harrychipelelo4074 Жыл бұрын

Thank for this channel. I am preparing to become an effective internal auditor

@warpath5922 3 жыл бұрын

Greetings from Guyana, love your vids.

@dianghajosephyong6000 3 ай бұрын

Thanks Amanda. I m from Cameroon. Your videos are rewarding.

@erintibus3629 3 жыл бұрын

Hello I am from the Philippines! I love your videos. I am always learning 🤗

@amandalovestoaudit 3 жыл бұрын

Awesome! Thank you!

@empoysartstv2022 3 жыл бұрын

Great video! By this I was able to understand DR clearly. Thanks

@amandalovestoaudit 3 жыл бұрын

Excellent to hear - thanks for watching ☺️

@dylannelson1638 2 жыл бұрын

hey there! Watching from the US i start auditing in two weeks, just brushing up on my conceptual understanding. Your content is wonderful! Thanks a bunch.

@cyciliaernitashandy6780 Жыл бұрын

Hi Professor Amanda, thank you for your videos, It's really helpful for me to preparing for technical test. It's really insightful because I can learn more beside my study in college. Last year, my test was successful and I got a job in a big 4 company in Indonesia. Keep doing a great work Prof and thankyou so much. God Bless You more!

@schleidennascimento277 Жыл бұрын

Hi Prof. Amanda. Thank you very much for your contribution. I'm from Brazil.

@preciouskachingwe2200 2 жыл бұрын

Thank you Amanda from Malawi

@odendionisio Ай бұрын

Thank you for this video! You are wonderful, Amanda!

@katendefrank2605 2 жыл бұрын

Hello Amanda I'm from Uganda thank you for this great work I really appreciate Your my CPA audit tutor

@amandalovestoaudit 2 жыл бұрын

You’re very welcome Katende ☺️

@inna6141 3 жыл бұрын

Amanda, your podcasts are amazing and helpful! Thanks a lot!!! :)

@amandalovestoaudit 3 жыл бұрын

Thank you so much Inna! Good luck in your studies!

@efrosinimalathoura5952 3 жыл бұрын

Good evening Mrs. Amanda from Cyprus. You are amazing. 💜

@amandalovestoaudit 3 жыл бұрын

Hi Efrosini! Cyprus - wow - thanks for learning with us ☺️

@kenenim_ 2 жыл бұрын

Your videos hold SOOOO much value. Thank you for your kind work I am grateful!

@amandalovestoaudit 2 жыл бұрын

You’re very welcome ☺️

@fionabrett8704 Жыл бұрын

thanks so much for your videos, such a huge help. I am from Tanzania

@professorjorgedecarvalho 3 жыл бұрын

Hello Amanda, I'm from Brazil. This video was fantastic! Thanks a lot!

@amandalovestoaudit 3 жыл бұрын

Hey Prof! Great to see you on here - much love to everyone in Brazil and South America 😊

@flor0228 2 жыл бұрын

Hi Amanda, I am from Colombian I am starting study for take my CPA test... thank you.

@financeenthusiast5410 3 жыл бұрын

Love from India Great content mam

@amandalovestoaudit 3 жыл бұрын

Thank you!

@user-wb3qe1nh1v Жыл бұрын

Hi Amanada - Add Fida from Lebanon - I'm happy to know you - you teach with passion - I'm from both, the practice and the teaching fields

@babezico 3 жыл бұрын

Thank you so much Amanda. Awesome Videos. Help me alot understanding of Audit as I do not work as an Auditor. Listening to your videos feels like I could go out to work for an Audit firm :) Love from Perth

@amandalovestoaudit 3 жыл бұрын

Go for it! A career in audit is so rewarding :)

@basilemenikeonwumbiko6408 3 жыл бұрын

Enjoying your works. Basil.

@amandalovestoaudit 3 жыл бұрын

Thanks Basil 😊

@kujtimgreicevci1535 3 жыл бұрын

Hello Amanda! I'm from Kosovo. I'm listening to videos from you Amanda. I'm even more inspired about the start of the CIA I think in 2021. Thank you for advising us on auditing.

@arberhoti 3 жыл бұрын

Hi kujtim!

@amandalovestoaudit 3 жыл бұрын

Thank you for watching Kujtim!

@kujtimgreicevci1535 3 жыл бұрын

@@arberhoti hello 👋🏼

@kwb8583 2 жыл бұрын

Thank you so much for all of your videos on Audit. I absolutely LOVE your teaching style! It really helps everything click for me! Thanks again from Texas : )

@robertgibson9430 3 жыл бұрын

Very clear! Thank you

@amandalovestoaudit 3 жыл бұрын

You're welcome!

@dexterkaesha2652 Жыл бұрын

Hi Amanda, am trying to understand the diffeence between Internal controls and substantive tests, I like your explanations,

@balakrishnadev Жыл бұрын

Same here,,, hope you figured it out well

@mercytipitap704 2 жыл бұрын

Watching from Papua New Guinea. I learnt a lot about auditing from you. Thank you

@amandalovestoaudit 2 жыл бұрын

Thank you!

@propitaslituanas6088 2 жыл бұрын

Hi Amanda you are an amazing lecture i learned so many things from you Propitas M. Lituanas from the Philippines

@Aaammnaaa 2 жыл бұрын

Hello amanda! I have my ACCA Advanced Audit & Assurance (AAA) exam tomorrow and your videos are really helpful for revision. Keep up the good work Love from Dubai💕

@amandalovestoaudit 2 жыл бұрын

I hope you did well Amna!

@ethukrishnanu2010 Жыл бұрын

You are super cool.. very helpful 🙌🙏🙏

@gaurangdarji2803 Жыл бұрын

Great video... Superb explanations and execution of concepts

@edmundoc.guterres5833 Жыл бұрын

Thanks 🙏 prof, from Timor Leste

@wellybanda703 2 жыл бұрын

These are a real masterclass

@armaanryan411 Жыл бұрын

A huge fan of you from Afghanistan

@fatemabintemizan7352 3 жыл бұрын

Hello! Amanda,i am From Bangladesh,your Video is very helpful to us.

@ShaunAK14 3 жыл бұрын

A couple of interesting things come to mind when I think of AI being able to facilitate 100% testing. Firstly, I don't believe 100% testing will equate to complete assurance as unrecorded transactions will not be detected, so additional procedures to test completeness will be needed. Secondly, how disruptive would such technology be to the industry as there would be very little firms could do to differentiate themselves in the market?

@amandalovestoaudit 3 жыл бұрын

Hey Shaunak - thanks for your comments - a really great point about how testing 100% of records won’t help us with the completeness assertion 👏👏👍 thanks for sharing your thoughts 🙏

@staceymorris3611 3 жыл бұрын

@@amandalovestoaudit Hi Amanda, really enjoy your videos. Regarding AI and those that have Type2reports (Class) and accounting/audit firm conducts internal control risk assessment to limit substantive testing for audit when bank account / shares automatically feed from bank / share registry do you think a very low amount of transactions should still be sampled? Also instances of client using broker / portfolio - custodian services then auditor placing reliance on independent audit report of custodian internal controls.. I guess question is I am ok with test of controls / risk assessment when all these are working but what if they are not, just increase substantive testing from say 10% to 30% for example for each client OR if clients use portfolio/custodian services and there is no independent audit report for that custodian service could TOC and minimal deviation is result, would this be sufficient to reduce substantive testing for all future clients? Hope this makes sense (work example haha)

@AdamuBig21 Жыл бұрын

Love from Tanzania

@rhjune94 2 жыл бұрын

Hi Amanda, i love your videos, they are so useful! Hope you could upload more 😊😊

@thakuranupamsingh 3 жыл бұрын

Very well explained Amanda !! Thanks for making such informative videos.

@amandalovestoaudit 3 жыл бұрын

You're very welcome Anupam 😊

@vijayagichani1272 2 жыл бұрын

Good work done by u for young generation

@ayeshasaffiabintimokhtarb2624 3 жыл бұрын

Hi! Greetings from Malaysia. My friend is Amanda too >_< Your video really helps me a lot. I love it

@amandalovestoaudit 3 жыл бұрын

Happy to help!

@innocentjames3115 3 жыл бұрын

zimbabwe , thank you for these vidz....they are really helpful

@amandalovestoaudit 2 жыл бұрын

That is excellent to hear ☺️

@mayweatherdzoto9304 Жыл бұрын

Hello Amanda, thanks for video I really enjoyed it ♥️💯

@xv110.mithounalatsavong4 3 жыл бұрын

Hello Amanda, My name is Mi from Laos, your video is very helpful ❤️

@amandalovestoaudit 3 жыл бұрын

Hi Mi - hope you're well in Laos - stay safe 😊

@bvumayichatikobo3131 3 жыл бұрын

Hi, Doc Amanda, thanks for the usual free Audit Wisdom Nuggets, we continue to consume and enjoy. Lots of Love from Zim and Africa. We remain logged in for the next episode and by the way keep that Hair-Stylist of yours well looked after, you never disappoint or shortchange us with the lovely matching hairstyle colours.......CHEERS DOC......Tatenda (We thank You)

@amandalovestoaudit 3 жыл бұрын

Always great to hear from you Bvumayi - thank you so much for your kind words 😊

@victorkyara4252 3 жыл бұрын

This's really helpful doc. Victor from Tanzania.

@amandalovestoaudit 3 жыл бұрын

Jambo Victor! I visited Tanzania many years ago (maybe 12?) - beautiful country and people ☺️

@victorkyara4252 3 жыл бұрын

@@amandalovestoaudit haha😂 Jambo doc! Karibu Tena Tanzania.

@amandalovestoaudit 3 жыл бұрын

I have many memories of drinking Konyagi 😂😂😂

@victorkyara4252 3 жыл бұрын

@@amandalovestoaudit Maaaa'am😂😂 You still remembered the name...hahaha😂😂, that the strongest one, I believe you were with those nice kids of yours to carry you back to yr hotel room😂😂😂

@victorkyara4252 3 жыл бұрын

Karibu Tena Tanzania = welcome again Tanzania

@muktarmohamed2005 3 жыл бұрын

Love the Audit. From Somalia.

@amandalovestoaudit 3 жыл бұрын

Thank you Muktar 🙏😊

@negreg1 2 жыл бұрын

Professor, could you please do a series on findings and recommendations? Thanks!

@mornegoosen3765 3 жыл бұрын

Been Studying Audit and hated it - until i found your videos - plain English lectures

@amandalovestoaudit 3 жыл бұрын

Glad to hear I can make auditing more enjoyable!

@chetanasin9150 2 жыл бұрын

Thanks

@amandalovestoaudit 2 жыл бұрын

You’re welcome ☺️

@bestergomani4959 3 жыл бұрын

Greetings from Malawi, the warm heart of africa

@amandalovestoaudit 3 жыл бұрын

Greetings Bester! Thank you for learning with us ☺️

@user-mf7yg9dw9u 3 жыл бұрын

Thank you from Japan!

@amandalovestoaudit 3 жыл бұрын

You're so very welcome! 😁

@olliet7739 Жыл бұрын

Where we're looking at something qualitative, for example, corporate governance, or culture - how do you test that?

@adetunjiademolaolufemi7265 2 жыл бұрын

Thank you Amanda… I’m falling in love with this already…just remembered all what we did in school…but I’d love to know how to do these restrings practically. I really would love to know what Internal Audit managers do. Ademola from Chris Ejik Pharamaceuticals Nigeria.

@spurselite8633 2 жыл бұрын

wow!! much Wow!! great video !!

@4sizle 2 жыл бұрын

Thank you!

@mahendarbhojwani4626 3 жыл бұрын

Why would we be asked to provide a guarantee? When we know there is always the risk of judgements as well, As Provisions are estimations, they can't be 100% right, so we can not provide absolute assurance.

@amandalovestoaudit 3 жыл бұрын

The expectations gap! People don't always understand - but with big data analytics, there is the possibility in the future of testing controls over every single transaction (which is a bit scary!)

@duprleo1 2 жыл бұрын

Watching you from Flint MI - Interested in Automation of Evidence collection :)

@amandalovestoaudit 2 жыл бұрын

Hey Leon! This is such a rapidly growing area - RPA seems to be getting a lot of focus

@duprleo1 2 жыл бұрын

@@amandalovestoaudit I am a Security / Compliance person and I dont believe in replacing auditors.. I just want to help Automate the evidence gathering.. I am a Redhat/Ansible enthusiast and see opportunities in IAC Infrastructure as code, CAC Compliance as Code

@duprleo1 2 жыл бұрын

@@amandalovestoaudit looking for solid standing for evidence

@anooopmurali 3 жыл бұрын

❤️ from India.

@amandalovestoaudit 3 жыл бұрын

Thank you Anoop 😊🙏

@negreg1 2 жыл бұрын

From Haiti 🇭🇹

@amandalovestoaudit 2 жыл бұрын

Hi Eddy - thanks for watching!

@negreg1 2 жыл бұрын

HUGE FAN. Love your lectures. They help me in my audit career

@myjourney94 3 жыл бұрын

Love yyyyyyyyyyyyy Amanda from Algeriaaaaaa ❤❤❤❤

@adarshdas8364 2 жыл бұрын

Hey Amanda. Love your videos and they are abosolutely helpful in performing IC testing. However I just wanted to check if you have made any video on Scoping of Sox/ IC and if you can share the link of the same

@ntolomota2202 3 жыл бұрын

Hi Im from Lesotho currently studying ACCA

@amandalovestoaudit 3 жыл бұрын

Hey Ntolo! Thank you so much - hope you're safe and well :)

@sarahackah4367 2 жыл бұрын

Dallas, Texas

@SP-lt5xr 3 жыл бұрын

Hi I'm from England, UK. Been watching you for years, started when studying for my CIA.

@amandalovestoaudit 3 жыл бұрын

Hey S.P! Thank you so much for watching from England!

@palakshah1492 3 жыл бұрын

Hi, have you given cia part 1 ?

@SP-lt5xr 3 жыл бұрын

@@palakshah1492 hi, yes but it was the old syllabus. My advice is learn the standards.

@palakshah1492 3 жыл бұрын

Thank you 😁

@manikannan4258 10 ай бұрын

Hello Amanta This Kannan from India, can you post video for test of design(TOD)and test of effectiveness (TOD)

@tteep2308 5 ай бұрын

Do auditors really do tests of controls during the final audit? Are tests of controls done more commonly during the interim audit?

@theju6704 11 ай бұрын

Amanda can you talk about cybersecurity audit & sox audit

@phebbietanyamuzenda1311 3 жыл бұрын

How Amanda im new here and from Zim Love your work 🥰🥰🥰

@amandalovestoaudit 3 жыл бұрын

Hey Phebbie! Love my fans from Zimbabwe - you're all so passionate!

@momodoujallow4349 3 жыл бұрын

From Cote d'Ivoire

@amandalovestoaudit 3 жыл бұрын

Thank you Momodou!

@karlant730 3 жыл бұрын

Hi! Greetings from Guatemala

@amandalovestoaudit 3 жыл бұрын

Hey Karlos - thanks for watching! This might be my first ever comment from Guatemala!

@yankeedoodle3485 3 жыл бұрын

I'm really loving your videos. Like your hair though. Coming to.you from Ghana ☘️🇬🇭

@amandalovestoaudit 3 жыл бұрын

You’re welcome 😊

@annaanna8927 3 жыл бұрын

Thank you so much, and greetings from Prague!

@amandalovestoaudit 3 жыл бұрын

Thank you Anna!

@ashleyolivia1286 Жыл бұрын

From Jamaica 🇯🇲

@newlife4148 3 жыл бұрын

Wow thnx for saying Sri Lanka 🇱🇰

@amandalovestoaudit 3 жыл бұрын

You are very welcome! ☺️

@anasalmana3955 Жыл бұрын

I really appreciate what you do, can you help us (who are entry level of this field of internal auditing)

@johnparkr Жыл бұрын

please add Tanzania to your list, love your videos....

@ranaamna9956 3 жыл бұрын

Respect and appreciation from Pakistan

@amandalovestoaudit 3 жыл бұрын

Thank you Rana! ❤️