Can someone please explain what design attributes are when testing controls?
1
EY 2
There's a special place in hell reserved for the asshole who invented internal controls testing.
7
EY 1
They are the specific step by step details of the control that the control owner performs to meet the objective of the control. Based on the design attributes, we create our testing attributes, to then test that each of the design attributes of the control were performed by the control owner.
2
EY 2
It takes bean counting to the extreme and says not only must we accountants count them beans, but we gotta be sure the guy doing the counting of them beans did it in just such a perfect way that even though we independently recounted the beans he counted and we got the same total as him, we gotta make sure there's no way he (and we?) miscounted. The argument that a company could have a clean substantive audit and fail on an internal controls (integrated) audit and we'd ding them in the opinion letter, is simply maddening. #KillSOX. #FAKEaccountingwork
1
RSM 1
^ yep. Think of it as the theory behind the execution of the control.
A friend who wants to enter accounting was going to get a master's. I think they just need an associate or accounting hours to supplement bachelor's degree. Thoughts?
My firm has us under a PTO freeze through September. Says the workload is too heavy and no PTO requests during this time will be honored. We can't even put in vacation requests until this freeze ends. How is this legal?
When do we officially stop being young professionals? I've been thinking of myself as a young professional this whole time, but I'm 38. Can I still claim to be young?
There's a special place in hell reserved for the asshole who invented internal controls testing.
They are the specific step by step details of the control that the control owner performs to meet the objective of the control. Based on the design attributes, we create our testing attributes, to then test that each of the design attributes of the control were performed by the control owner.
It takes bean counting to the extreme and says not only must we accountants count them beans, but we gotta be sure the guy doing the counting of them beans did it in just such a perfect way that even though we independently recounted the beans he counted and we got the same total as him, we gotta make sure there's no way he (and we?) miscounted. The argument that a company could have a clean substantive audit and fail on an internal controls (integrated) audit and we'd ding them in the opinion letter, is simply maddening. #KillSOX. #FAKEaccountingwork
^ yep. Think of it as the theory behind the execution of the control.