The Evolution of the Audit Function

It is important to understand the roots of internal auditing and the way it has developed over the years. 1 Extension of external audit Internal audit developed as an extension of the external audit role in testing the reliability of accounting records that contribute to published financial statements. The IIA.UK& Ireland have suggested this link between external and internal audit The nineteenth century saw the proliferation of owners who delegated the day-to-day management of their...

CSRA and Internal Controls

Some see CRSA workshops as ways of developing contingency plans to protect the business interests and for new ventures that are being developed. In fact, many see internal control as mainly relating to disaster recovery and contingency planning, particularly in response to the threat of terrorist attacks. Many risk workshops focus on retaining key staff, and providing back-up arrangements for senior figures or top specialists in the event of an accident or other reasons for their...

Control Framework COSO

Framework Internal Control Coso Model

The wide view of controls means that internal controls cover all aspects of an organization and there is a clear need for a way of pulling together control concepts to form an integrated whole, that is a control framework. The Committee of Sponsoring Organizations COSO of the Treadway Commission devised one such model that has an international recognition as a useful standard. All larger organizations need a formal control framework as a basis for their systems of internal control and IIA...