Bridging The Expectation Gap: Implications For Internal Aud

The increased qualifications of internal auditors and the improved organizational structure have made the reasons for a lack of cooperation between internal and external auditors obsolete. Cooperating techniques include: 1. joint planning, 2. integrating audit records, and 3. cooperating in the trai...

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Bibliographic Details
Published in:The Internal auditor 1988-08, Vol.45 (4), p.45
Main Author: Smith, Marcie C
Format: Magazinearticle
Language:English
Subjects:
Audit engagements
Auditing standards
Auditors
Cooperation
Errors
Internal auditing
Internal auditors
Internal controls
Roles
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Summary:The increased qualifications of internal auditors and the improved organizational structure have made the reasons for a lack of cooperation between internal and external auditors obsolete. Cooperating techniques include: 1. joint planning, 2. integrating audit records, and 3. cooperating in the training of personnel. Statement on Auditing Standards (SAS) 53, The Auditor's Responsibility to Detect and Report Errors and Irregularities, specifically addresses the external auditor's responsibility. However, internal auditors can provide a well-designed, well-documented control structure to reduce control risk and detection risk. SAS 55, Consideration of the Internal Control Structure in a Financial Statement Audit, bears 2 implications to the internal auditor. These include: 1. the consideration and integration of the terminology introduced in the statement, and 2. the application of the internal auditor's expertise in the internal control system to reduce control risk.
ISSN:0020-5745