Internal Auditing in Litigious Times: Are You Prepared to Go to Court?

In these litigious times, it is essential to maintain the quality of internal audits and their most visible by-product, work papers. Like external auditors, internal auditors must audit to standards, including government regulations, bank policy, and generally accepted auditing standards. "Evid...

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Bibliographic Details
Published in:The Journal of bank accounting & auditing 1992-10, Vol.5 (2), p.33
Main Author: Negron, Tom
Format: Article
Language:English
Subjects:
Auditing procedures
Auditing standards
Audits
Banks
Evidence
Internal auditing control
Internal auditors
Professional standards
Working papers
Online Access:Get full text
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Summary:In these litigious times, it is essential to maintain the quality of internal audits and their most visible by-product, work papers. Like external auditors, internal auditors must audit to standards, including government regulations, bank policy, and generally accepted auditing standards. "Evidence" can be defined both as proof that the auditor has the necessary research before beginning the actual audit and as specific proof to back up statements within the work papers. Making use of an internal control questionnaire and of the knowledge gained, the auditor is in a position to record what controls are in place to address the spectrum of audit concerns. If the auditor cannot find evidence that a control is being exercised, the control should be treated as not being present. Auditors should never leave the exit conference without securing the auditee's concurrence with the facts.
ISSN:0895-853X