Question
In: Accounting
Who is responsible for internal control? What role do auditors play?
Who is responsible for internal control? What role do auditors play?
Solutions
Expert Solution
Internal control is the process designed, implemented and maintained by Those charged with governance(TCWG), management and other personnel to provide reasonable assurance about the achievement of an entities objectives with regard to reliability of financial reporting,effectiveness and efficiency of operations, safeguarding of assets, and compliance with applicable laws and regulations.
And therefore Management and Those Charged with Governance are responsible for internal controls
Role of Auditiors:
The Auditor should carryout general evaluation of of the internal audit function to determine the extent to which auditor can place reliance upon the work of management.
The auditor has to check whether Those charged with governance and Management oversee employment decisions related to the internal control process.
The auditor has to check whether, and to what extet,Management acts on the recommendations of the internal control, and how such action is evidenced.
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