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...

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...