Evaluation of Internal Control

In accounting, the study of the procedures that a company uses to check its own work for accuracy. In an audit in the United States, an auditor is required to evaluate internal controls to ensure that they are sufficient and to report on real or potential problems with them. See also: Internal audit.

References in periodicals archive ?

Effective internal audit system exists which is responsible for evaluation of internal control system on continuous basis and reports directly to the Head Office.

THE BANK OF TOKYO-MITSUBISHI, UFJ LTD. - KARACHI BRANCH

Be relevant to an evaluation of internal control over financial reporting.

Trust services: a better way to evaluate I.T. controls: fulfilling the requirements of section 404

Similarly, the SEC has extended the compliance date for related requirements regarding evaluation of internal control over financial reporting and management certification requirements, including certification and related requirements applicable to registered investment companies.

SEC extends SOX compliance reporting date, PCAOB takes first steps

The commission similarly has extended the compliance date for related requirements regarding evaluation of internal control over financial reporting and management certification requirements, including certification and related requirements applicable to registered investment companies.

SEC extends compliance deadlines regarding internal control; PCAOB approves audit standard for internal control

The rule indicates that the framework must be: (i) free from bias, (ii) sufficiently complete, (iii) relevant to an evaluation of internal control over financial reporting, and (iv) able to allow consistent qualitative and quantitative measurements of a company's internal control.

COSO: the rise of the phoenix? For guidance on standards and systems of internal control, you may need to dig into a decade-old report

Specifically, it includes discussion on matters related to the evaluation of internal control structure and audit evidence-gather functions.

Ferdinand A. Gul, Hong Kong Auditing: Economic Theory and Practice

Internal audits are conducted annually and include an evaluation of internal control systems and procedures, a review of financial statements, and monitoring for compliance with policies and procedures for the prevention of money laundering.

Orders issued under international banking act

Bonner and Lewis (1990) also investigated the relationship between ability and evaluation of internal control weaknesses.

A Research Note concerning Practical Problem-Solving Ability as a Predictor of Performance in Auditing Tasks

evaluation of internal control in computer-based systems (OBJ3)

Information Technology-Related Activities of Internal Auditors

In external auditing, the evaluation of internal control is required for purposes of assessing control and fraud risk, as well as for planning related substantive tests (AICPA 1995, 1983, 1979).

An Investigation of Multidimensional Knowledge Structure and Computer Auditor Performance

The report provides guidance on how to apply the original COSO framework dealing with the design, implementation and evaluation of internal control over financial reporting, to a smaller public company.

Guidance for smaller companies

In an evaluation of internal control, both management and the auditors need to consider all its components.

Evaluate the control environment: documentation is only a start; now it's all about asking questions