(a) Advantages and Disadvantages of methods of recording the system
Narrative Notes
Advantages
The main advantage of narrative notes is that they are simple to record, after discussion with the company these discussions are easily written up as notes.
Additionally, as the notes are simple to record, this can facilitate understanding by all members of the team, especially more junior members who might find alternative methods too complex.
Disadvantages
Narrative notes may prove to be too cumbersome, especially if the system is complex.
This method can make it more difficult to identify missing internal controls as the notes record the detail but do not identify control exceptions clearly.
Questionnaires
Internal control questionnaires are used to assess whether controls exist which meet specific objectives or prevent or detect errors and omissions.
Advantages
Questionnaires are quick to prepare, which means they are a cost effective method for recording the system.
They ensure that all controls present within the system are considered and recorded; hence missing controls or deficiencies are clearly highlighted.
Questionnaires are simple to complete and therefore any members of the team can complete them and they are easy to use and understand.
Disadvantages
It can be easy for the company to overstate the level of the controls present as they are asked a series of questions relating to potential controls.
Without careful tailoring of the questionnaire to make it company specific, there is a risk that controls may be misunderstood and unusual controls missed.
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