Ripe for a Renaissance

An unrealistic concept of independence may have led auditors to isolate themselves from their fellow employees. Internal audits tend to promote the use of more formal controls, yet informal controls may have an equal role. Gulf Canada Resources has developed a new approach to control assessment that...

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Bibliographic Details
Published in:The Internal auditor 1990-12, Vol.47 (6), p.43
Main Authors: Makosz, P G, McCuaig, B W
Format: Magazinearticle
Language:English
Subjects:
Auditors
Control
Internal auditing
Internal controls
Self regulation
Online Access:Get full text
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Summary:An unrealistic concept of independence may have led auditors to isolate themselves from their fellow employees. Internal audits tend to promote the use of more formal controls, yet informal controls may have an equal role. Gulf Canada Resources has developed a new approach to control assessment that involves an annual assessment of the entire organization, using the skills of employees and their managers, assisted by a specially trained and selected audit staff. Control assessment workshops are used to analyze the strengths and weaknesses of the control mechanisms on which departments rely to achieve their business objectives. Characteristics that differentiate this approach from traditional audits include: 1. a broad, but conceptually clear, view of control, 2. a dependence on maximizing teamwork and dialogue with the auditee, 3. the use of well-proven and appropriate audit techniques, and 4. the need for a broader skill base in the internal audit group.
ISSN:0020-5745