Which of the following choices BEST ensures the effectiveness of controls related to interest calculation inside an accounting system?
A.
Re-performance
B.
Process walk-through
C.
Observation
D.
Documentation review
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the answer is A.
A. To ensure the effectiveness of controls, it is most effective to conduct re-performance. When the same result is obtained after the performance by an independent person, this provides the strongest assurance.
B. Process walk-through may help the auditor to understand the controls better; however, it may not be as useful as conducting re-performance for a sample of transactions.
C. Observation is a valid audit method to verify that operators are using the system appropriately; however, conducting re-performance is a better method.
D. Documentation review may be of some value for understanding the control environment; however, conducting re-performance is a better method.
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