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
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
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
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?
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 🙏
@@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)
@@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)
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.
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!)
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
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.
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.
Amanda, Can you please share your email to get in touch with you to clarify questions? I would really appreciate if you can🙏 I am from USA. I am a CPA.
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!
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☺
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
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
What is the difference between test of design and implementation and test of operating effectiveness? Are both part of test of controls?
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
@@amandalovestoaudit Thank you so much for sharing knowledge in a such practical fashion!
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
5:20 5:19
Love from India
Great content mam
Thank you!
Thanks from Benin City Nigerian
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
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?
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 🙏
@@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)
Greetings from Guyana, love your vids.
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
Good luck in your exam Dineo! Please do drop by and let us know how you went (or contact me via FB or Instagram)
Thanks 🙏 prof, from Timor Leste
You've actually help me understand and potentially loving audit 🙂 thank you very much Amanda 💙
I'm so glad to hear this Naj!
@@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)
appreciate the videos! Cheers from Bangladesh!
Hi watching from Malawi. S/O to Amanda loves to audit. #learning
Greeting from Somalia 🇸🇴, happy to be your student.
Thanks Mohamed 😊
I love your videos simplifies the audit language thank you so much, from South Africa ❤️
You're so welcome Leshi!
Hi, Amanda, I'm so excited to listen to one of your lecture series today. My name is Zachariah from Liberia
Hi! Greetings from Malaysia. My friend is Amanda too >_< Your video really helps me a lot. I love it
Happy to help!
Hy mem ,
You teach in an easy and simply way we didnt get any difficulty to understand .
Thank you :)
You are so welcome!
:)@@amandalovestoaudit
Greetings from Finland! Thank you dear Amanda for your amazing channel ❤️ Love it!
Thank you Katja! 🙏😊
Amanda, your podcasts are amazing and helpful! Thanks a lot!!! :)
Thank you so much Inna! Good luck in your studies!
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 😊
Thank you Siddeeq for such confidence in me 🙏🙏
Thank you from Malaysia! Learn a lot from your videos!
You’re very welcome Linda!
Hello Amanta
This Kannan from India, can you post video for test of design(TOD)and test of effectiveness (TOD)
Where we're looking at something qualitative, for example, corporate governance, or culture - how do you test that?
internal audit was so boring ffs. Great video though Amanda, informative and brief.
Very well explained Amanda Ma'am, respect from India 🇮🇳
Thank for this channel. I am preparing to become an effective internal auditor
Dominica
Do auditors really do tests of controls during the final audit? Are tests of controls done more commonly during the interim audit?
Great video! By this I was able to understand DR clearly. Thanks
Excellent to hear - thanks for watching ☺️
Thank you for making these videos and find them very useful in understanding audit processes.
You are so welcome!
I appreciate what you do Amanda. You are amazing. Greetings from Turkey!
Thank you!
Interesting short video. Continue
Add me to the mentioned nations, I M from SOMALIA
❤️ from India.
Thank you Anoop 😊🙏
Hello I am from the Philippines! I love your videos. I am always learning 🤗
Awesome! Thank you!
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.
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!)
Amanda can you talk about cybersecurity audit & sox audit
please add Tanzania to your list, love your videos....
Hello Amanda I'm from Uganda thank you for this great work I really appreciate
Your my CPA audit tutor
You’re very welcome Katende ☺️
I have to say that you look really nice doctor ..with blue color hair...
Uganda
Hello Amanda, I'm from Brazil. This video was fantastic! Thanks a lot!
Hey Prof! Great to see you on here - much love to everyone in Brazil and South America 😊
Been Studying Audit and hated it - until i found your videos - plain English lectures
Glad to hear I can make auditing more enjoyable!
From United States of America (USA).
Am from Sierra Leone and I like your explanation thanks so much.
Glad it was helpful!
Hello Amanda, My name is Mi from Laos, your video is very helpful ❤️
Hi Mi - hope you're well in Laos - stay safe 😊
South Africa
Thank you for watching and leaving a comment ☺️ good luck in your studies ☺️
Good evening Mrs. Amanda from Cyprus. You are amazing. 💜
Hi Efrosini! Cyprus - wow - thanks for learning with us ☺️
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
Go for it! A career in audit is so rewarding :)
Botswana 🇧🇼
Great to have you with us Daphney!
Hi there, from the Kingdom of Cambodia
u forgot me, australia (im new!)
How Amanda im new here and from Zim
Love your work 🥰🥰🥰
Hey Phebbie! Love my fans from Zimbabwe - you're all so passionate!
Thank you Amanda from Malawi
I'm from Bangladesh
Ghana here
Hey Regina - great to have you with us 😊
A huge fan of you from Afghanistan
Thanks
You’re welcome ☺️
From Cote d'Ivoire
Thank you Momodou!
Your videos hold SOOOO much value. Thank you for your kind work I am grateful!
You’re very welcome ☺️
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
Hi Prof. Amanda. Thank you very much for your contribution. I'm from Brazil.
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! ❤
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.
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.
Hi kujtim!
Thank you for watching Kujtim!
@@arberhoti hello 👋🏼
Greetings from Malawi, the warm heart of africa
Greetings Bester! Thank you for learning with us ☺️
South Africa
Amanda, Can you please share your email to get in touch with you to clarify questions? I would really appreciate if you can🙏 I am from USA. I am a CPA.
Love from Tanzania
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!
completed
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☺
Hi Amanda you are an amazing lecture i learned so many things from you
Propitas M. Lituanas from the Philippines
Papua New Guinea 🇵🇬
Thank you Amanda, your videos were so helpful.
Love from Nigeria 🇳🇬
Also from Israel❤️
I'm just starting looking at your videos and wondering do your videos apply to IT Audits as well?
Thank you for this video! You are wonderful, Amanda!
Hi Amanda, I am from Colombian I am starting study for take my CPA test... thank you.
Wow thnx for saying Sri Lanka 🇱🇰
You are very welcome! ☺️
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
Hello! Amanda,i am From Bangladesh,your Video is very helpful to us.
Enjoying your works. Basil.
Thanks Basil 😊
Hello Amanda, thanks for video I really enjoyed it ♥️💯
Love the Audit. From Somalia.
Thank you Muktar 🙏😊
Hi! Greetings from Guatemala
Hey Karlos - thanks for watching! This might be my first ever comment from Guatemala!
I really appreciate what you do, can you help us (who are entry level of this field of internal auditing)
Thanks Amanda. I m from Cameroon.
Your videos are rewarding.
From Haiti 🇭🇹
Hi Eddy - thanks for watching!
HUGE FAN. Love your lectures. They help me in my audit career
Great video... Superb explanations and execution of concepts
thanks so much for your videos, such a huge help. I am from Tanzania
New Zealand 🙂
I am a Liberian
UGANDA!! Yeah
Ethiopian
Hi Im from Lesotho currently studying ACCA
Hey Ntolo! Thank you so much - hope you're safe and well :)
From Jamaica 🇯🇲
Kazakhstan)
Dallas, Texas
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
You're really keeping track of the countries🤭
Was in RSA now Namibia😂
Hi Amanda, am trying to understand the diffeence between Internal controls and substantive tests,
I like your explanations,
Same here,,, hope you figured it out well