Teaching Auditing Students About Internal Controls



Teaching Auditing Students About Internal Controls

From an Internal Audit Perspective

Susanne O’Callaghan, Ph.D., CPA, CIA

Associate Professor of Accounting

Pace University

Lubin School of Business

One Pace Plaza

New York, NY 10038

socallaghan@pace.edu

John P. Walker, Ph.D., CPA

Professor of Accounting

Queens College – CUNY

65-30 Kissena Blvd

Queens, NY 11367

jpvwalker@

Raymond J. Elson*, DBA, CPA

Assistant Professor of Accounting

Valdosta State University

Langdale College of Business

Valdosta, GA 31698

relson@valdosta.edu

* Corresponding author

Teaching Auditing Students About Internal Controls

From an Internal Audit Perspective

Introduction

In the Sarbanes-Oxley era there is a real need for a good understanding of the different responsibilities and reliances that can be placed on the work of others. External auditors must have a good comprehension of the types and extent of work that internal auditors do. Since most universities do not provide a stand-alone course on internal auditing, students must rely on what they learn in the mainstream auditing class to obtain their understanding of what an internal auditor does. This paper provides auditing instructors a vehicle for teaching the need for, and the approach to, how internal auditors do their jobs.

Background

Many accounting students will enter the auditing profession upon graduation. They will enter the external auditing profession, the internal auditing profession or work in organizations where they interact with all types of auditors. If these students enter the external auditing profession, they will be expected to interact and understand what internal auditors do in order to rely on the internal auditors work under SAS 65 “The Auditor’s Consideration of the Internal Audit Function in an Audit of Financial Statements” and PCOAB Standard No. 2. But it is difficult for auditing students to understand what value the internal audit function brings to the table as most auditing textbooks have only one chapter on internal auditing. That chapter is usually very vague as to what an internal auditor actually does. This paper provides a simple approach to understanding concepts surrounding the internal auditors’ role in evaluating internal controls so that their employer meets the objectives.

Literature Review

There is very little literature that offers a pedagogical approach to teaching internal auditing. Fernandes (1994) recognizes that accounting education prepares students well for financial auditing. He acknowledges that the traditional auditing course may trigger an interest in internal auditing on the part of the student but the student is basically left to figure out what internal auditing is all about. These same students are not adequately prepared in the areas of business analytical techniques and there is a void in general audit education because of this. He feels that all universities with business and public administration programs should offer at least one course devoted to internal auditing.

Another article by Fernandes, Poposky and Savage (1995) presents the development of an internal audit course curriculum. The author examines and identifies course objectives that would enhance the students’ understanding of both the conceptual and practical aspects of the internal auditor function. They also identify elements of a curriculum that would enhance students’ analytic, critical thinking, written and oral communication, and group/teamwork skills. This article lays out detailed objectives, methods of instruction, professional company involvement and course evaluation but does not go into any detail of content.

Greensawalt and Stinnett (1992) present an excellent case that can be adapted for use in a financial auditing or internal auditing class. It requires students to find an “audit client.” The students then have the task of understanding and documenting the internal control system of either the revenue cycle or the expenditure cycle. The students present a written report and document their understanding of the controls, prepare an internal control review matrix, do evaluations and make oral presentations. This article provides a great outside project but does not provide the audit instructor an in-class demonstration of how a control matrix is prepared.

Our paper provides a unique pedagogical approach to teaching auditing students how to construct a control matrix, an important tool for use in evaluating internal controls.

The Relationship between Internal and External Auditing

Internal auditing is an independent, objective, assurance and consulting activity designed to add value and improve an organization’s operations. Its focus is mainly on evaluating and improving the effectiveness of the organization’s risk management, control and governance processes. External auditing is the systematic process of objectively obtaining and evaluating evidence regarding management assertions in financial statements. Its focus is on communicating any findings to interested users who are mostly external to the organization such as shareholders and the SEC. Both sets of auditing professionals have a use for control matrices.

The Relationships among Organizational Objectives, Threats to Meeting Objectives and Internal Controls

All entities have specific objectives that they must achieve. But all objectives have threats that may threaten their achievement. These threats must be eliminated, avoided, controlled or accepted. By having good controls in place to mitigate the threats, a company is better able to achieve its objectives and therefore places itself in a competitive position. It is management’s responsibility to see that adequate controls are in place. It is the auditor’s responsibility to see that management’s controls are indeed working as planned. The internal auditor’s chief role is to evaluate the design and effectiveness of those controls.

COSO Approach to Developing a Control Matrix

This paper illustrates a control matrix approach that can be used as lecture material (or as a class assignment) in the internal auditing chapter of a traditional textbook or as part of an internal auditing course. This control matrix helps students understand how organization objectives drive the need for controls. A COSO framework is used as the basis for the control matrix development.[1]

The COSO internal control framework states that entities have three objectives: good operations, compliance with rules and regulations and good financial reporting. But there are external and internal threats to having good operations, being in compliance with rules and regulations and having good financial reporting. To achieve organizational objectives and minimize the threats, an entity must have a good internal control system in place. That system should consist of five elements. The entity must have a good control environment, risk assessment procedures, excellent control activities, adequate information and communications and a monitoring mechanism in place.

Auditing students have already learned about COSO in an earlier chapter on internal control so this is a quick internal control review for them. In the internal auditing chapter we move into a more detailed discussion of the internal auditors’ role in evaluating internal controls put in place by management and in the value-added services that internal auditors perform. But there are few examples to really help students internalize what internal auditors do.

Since most students have some understanding as to how restaurants operate, we used a restaurant example to illustrate this approach to teaching internal auditing. We use the COSO framework and a six-step process to create the control matrix. We first illustrate the three objectives of a restaurant. Second, we identify threats to meeting those restaurant objectives. Third, we discuss control objectives necessary to see that the threats are contained. Fourth, we use the five components of a good internal control system to meet the control objectives. Fifth, we then examine the various control activities that management could have in place. Lastly, in the sixth step, we identify steps to be taken by the auditor to assure that control objectives are met.

Teaching Approach

The matrix that follows can be created by the audit instructor by first filling in the first column: the three objectives identified by COSO: operations, compliance with rules and regulations, and monitoring (Table 1.)

Table 1

|Restaurant Objective (Column 1) |

| |

|COSO Objectives of Entity | | | | | |

|Operations | | | | | |

|Compliance | | | | | |

|Financial Reporting | | | | | |

Next the instructor can present one threat to each of the restaurant objectives; e.g., a threat to operations is that employees might lose fingers; a threat to being in compliance with rules and regulations is that the restaurant could lose its license if it violates health regulations; a threat to good financial reporting is that restaurant sales may not be recorded accurately (Table 2.)

The third column is completed by identifying the control objectives that management has or should have in place to stop the threats! For example, the operations objective is to stop employees from losing fingers (Table 3.)

Then the instructor fills in the fourth column with the internal control elements. The five individual elements of a good internal control system are the control environment, risk assessment, control activities, information and communication, and monitoring (Table 4.) These internal control elements should ensure that management’s control objectives are met.

Table 2

|Threats to Meeting Objectives (Column 2) |

| |

|COSO Objectives of Entity |Threats to the Restaurant | | | | |

|Operations |Employees will lose fingers on | | | | |

| |sharp equipment | | | | |

|Compliance |Restaurant may lose its license | | | | |

| |due to not adhering to health | | | | |

| |regulations | | | | |

|Financial Reporting |Restaurant sales will not be | | | | |

| |recorded accurately | | | | |

Table 3

|Management’s Control Objectives (Column 3) |

| |

|COSO Objectives of Entity |Threats to the Entity |Control Objective (To | | | |

| | |stop the | | | |

| | |Threat-Management’s | | | |

| | |Responsibility) | | | |

|Operations |Employees will lose fingers on |To ensure that employees | | | |

| |sharp equipment |don’t lose fingers on | | | |

| | |sharp equipment | | | |

|Compliance |Restaurant may lose its license|To ensure that all health| | | |

| |due to not adhering to health |regulations are followed | | | |

| |regulations |so that restaurant does | | | |

| | |not lose its license | | | |

|Financial Reporting |Restaurant sales will not be |To ensure that all sales | | | |

| |recorded accurately |are recorded accurately | | | |

| | |so that the financial | | | |

| | |reporting objective is | | | |

| | |met | | | |

The fifth column addresses what management has told the auditor they have put in place to meet the threat belonging to that internal control element. For example, a control environment step that could help keep employees from losing fingers would be the existence of training sessions to show employees how to use the equipment. These are the activities that management has put in place to see that the control objective is met. The instructor continues to identify different evidence that the control objective is being met for each of the internal control elements in column 4 (Table 5.)

Table 4

|Internal Control Elements (Column 4) |

| |

|COSO Objectives of Entity |Threats to the Entity |Control Objective (To stop |Internal Control Element | | |

| | |the Threat-Management’s |(COSO) | | |

| | |Responsibility) | | | |

|Operations |Employees will lose |To ensure that employees |Control Environment | | |

| |fingers on sharp |don’t lose fingers on sharp | | | |

| |equipment |equipment | | | |

| |Same |Same |Risk Assessment | | |

| |Same |Same |Control Activities | | |

| |Same |Same |Information and | | |

| | | |Communications | | |

| |Same |Same |Monitoring | | |

|Compliance |Restaurant may lose its |To ensure that all health |Control Environment | | |

| |license due to not |regulations are followed so | | | |

| |adhering to health |that restaurant does not | | | |

| |regulations |lose its license | | | |

| |Same |Same |Risk Assessment | | |

| |Same |Same |Control Activities | | |

| |Same |Same |Information and | | |

| | | |Communications | | |

| |Same |Same |Monitoring | | |

|Financial Reporting |Restaurant sales will not|To ensure that all sales are|Control Environment | | |

| |be recorded accurately |recorded accurately so that | | | |

| | |the financial reporting | | | |

| | |objective is met | | | |

| |Same |Same |Risk Assessment | | |

| |Same |Same |Control Activities | | |

| |Same |Same |Information and | | |

| | | |Communications | | |

| |Same |Same |Monitoring | | |

Table 5

|Evidence That Control Objectives are Being Met (Column 5) |

| |

|COSO Objectives of |Threats to the Entity |Control Objective (To stop |Internal Control Element (COSO) |Evidence that Control Objective is Being | |

|Entity | |the Threat-Management’s | |Met (Management’s Responsibility) | |

| | |Responsibility) | | | |

|Operations |Employees will lose |To ensure that employees |Control Environment |Management provides training sessions for | |

| |fingers on sharp |don’t lose fingers on sharp | |all new employees on how to use equipment | |

| |equipment |equipment | |safely | |

| |Same |Same |Risk Assessment |Management reviews the equipment to make | |

| | | | |sure that any new equipment is included in| |

| | | | |training sessions | |

| |Same |Same |Control Activities |Safety blades are required to be kept on | |

| | | | |all equipment when equipment is not is use| |

| |Same |Same |Internal Control Element (COSO) |Reminders about equipment safety are | |

| | | | |posted near all equipment | |

| |Same |Same |Control Environment |Management keeps logs of safety | |

| | | | |walk-throughs to see that equipment is | |

| | | | |covered when not in use and employees are | |

| | | | |following safety procedures. | |

|Compliance |Restaurant may lose its|To ensure that all health |Risk Assessment |Management has policies and procedures on | |

| |license due to not |regulations are followed so | |all health regulations; all new employees | |

| |adhering to health |that restaurant does not lose| |must read and sign off. | |

| |regulations |its license | | | |

| |Same |Same |Control Activities |Management reviews changes to health code | |

| | | | |on a regular basis to see if new | |

| | | | |regulations have added to their risks | |

| |Same |Same |Information and Communications |Management has policy that no food should | |

| | | | |be left out of refrigerator for more than | |

| | | | |one hour | |

| |Same |Same |Monitoring |Signs are clearly posted stating that | |

| | | | |employees must wash hands after using the | |

| | | | |bathroom | |

| |Same |Same |Control Environment |Management goes through all city health | |

| | | | |inspection reports and implements all | |

| | | | |infractions | |

|Financial Reporting |Restaurant sales will |To ensure that all sales are |Risk Assessment |Management has policies and procedures for| |

| |not be recorded |recorded accurately so that | |the proper recording of sales by servers | |

| |accurately |the financial reporting | |and cashiers | |

| | |objective is met | | | |

| |Same |Same |Control Activities |Management conducts quarterly reviews to | |

| | | | |determine if employee turnover has caused | |

| | | | |changes to the financial procedures | |

| |Same |Same |Information and Communications |Management requires use of prenumbered | |

| | | | |server order forms so that all meals can | |

| | | | |be accounted for | |

| |Same |Same |Monitoring |Management prepares daily server reports | |

| | | | |to report on all tips for tax purposes; | |

| | | | |all employees sign form | |

| |Same |Same |Control Environment |Management accounts for all prenumbered | |

| | | | |server order form tickets | |

| | | |Risk Assessment | | |

| | | |Control Activities | | |

| | | |Information and Communications | | |

| | | |Monitoring | | |

But the internal auditor cannot rely on management’s statements alone. So the sixth column illustrates what evidence the internal auditor would ask for to evaluate management’s actions to threats to the restaurant, e.g., if the restaurant’s operating objective is to have good operations and management has stated that they provide training sessions for all employees to show them how to safely use sharp equipment (control environment), then the internal auditor would request and review schedules of past and future training sessions and check that all employees have attended those sessions (Table 6.)

Table 6

|Audit Procedures (Column 6) |

| |

|COSO Objectives of|Threats to the |Control Objective (To stop|Internal Control |Evidence that Control Objective|Audit Procedure (Auditor’s |

|Entity |Entity |the Threat-Management’s |Element (COSO) |is Being Met (Management’s |Responsibility) |

| | |Responsibility) | |Responsibility) | |

|Operations |Employees will lose |To ensure that employees |Control Environment |Management provides training |Auditor requests and reviews |

| |fingers on sharp |don’t lose fingers on | |sessions for all new employees |schedule of past and future |

| |equipment |sharp equipment | |on how to use equipment safely |training sessions and checks that |

| | | | | |all employees have attended |

| |Same |Same |Risk Assessment |Management reviews the |Auditor requests equipment review |

| | | | |equipment to make sure that any|reports from management. Examines |

| | | | |new equipment is included in |new equipment. Checks against |

| | | | |training sessions |training sessions |

| |Same |Same |Control Activities |Safety blades are required to |Auditors sample equipment and |

| | | | |be kept on all equipment when |inspect to see that safety blades |

| | | | |equipment is not is use |are on equipment not in use |

| |Same |Same |Information and |Reminders about equipment |Auditor examines signs near all |

| | | |Communications |safety are posted near all |equipment to see that they are |

| | | | |equipment |posted and in good condition |

| |Same |Same |Monitoring |Management keeps logs of safety|Auditor requests safety |

| | | | |walk-throughs to see that |walk-throughs logs and determines |

| | | | |equipment is covered when not |that comments have been addressed |

| | | | |in use and employees are | |

| | | | |following safety procedures. | |

| | | | | | |

|Compliance |Restaurant may lose |To ensure that all health |Control Environment |Management has policies and |Auditor examines policies and |

| |its license due to |regulations are followed | |procedures on all health |procedures manual to see that |

| |not adhering to |so that restaurant does | |regulations; all new employees |health regulations are included |

| |health regulations |not lose its license | |must read and sign off. |and are current; examines sign off|

| | | | | |by all employees |

| |Same |Same |Risk Assessment |Management reviews changes to |Auditor examines management’s |

| | | | |health code on a regular basis |review of new health codes and |

| | | | |to see if new regulations have |evaluates conclusions |

| | | | |added to their risks | |

| |Same |Same |Control Activities |Management has policy that no |Check for written policy; auditor |

| | | | |food should be left out of |observes kitchen for food left |

| | | | |refrigerator for more than one |out; auditor inquires of employees|

| | | | |hour |to see if they follow policy |

| |Same |Same |Information and |Signs are clearly posted |Auditor visits all bathrooms to |

| | | |Communications |stating that employees must |see that signs are clearly visible|

| | | | |wash hands after using the |and in good condition |

| | | | |bathroom | |

| |Same |Same |Monitoring |Management goes through all |Auditor examines city health |

| | | | |city health inspection reports |inspection reports and inquires if|

| | | | |and implements all infractions |infractions have been corrected |

|Financial |Restaurant sales |To ensure that all sales |Control Environment |Management has policies and |Auditor examines policy on |

|Reporting |will not be recorded|are recorded accurately so| |procedures for the proper |recording sales and inquires of |

| |accurately |that the financial | |recording of sales by servers |servers and cashiers |

| | |reporting objective is met| |and cashiers | |

| |Same |Same |Risk Assessment |Management conducts quarterly |Auditor requests managements |

| | | | |reviews to determine if |quarterly review of changing |

| | | | |employee turnover has caused |circumstances and inquires as to |

| | | | |changes to the financial |resulting changes |

| | | | |procedures | |

| |Same |Same |Control Activities |Management requires use of |Auditor samples server order forms|

| | | | |prenumbered server order forms |and checks for completeness |

| | | | |so that all meals can be | |

| | | | |accounted for | |

| |Same |Same |Information and |Management prepares daily |Auditor samples daily servers’ tip|

| | | |Communications |server reports to report on all|reports to ensure that all tips |

| | | | |tips for tax purposes; all |are accurately reported to the IRS|

| | | | |employees sign form | |

| |Same |Same |Monitoring |Management accounts for all |Auditor requests management’s |

| | | | |prenumbered server order form |report on monitoring prenumbered |

| | | | |tickets |tickets and inquires as to action |

| | | | | |taken on missing order forms |

After completing the control matrix, the instructor can give the students an easy assignment. Have the students identify three new control objectives: one for operations, one for compliance and one for financial reporting. For instance, other threats to operations might be that the restaurant does not get enough customers to stay in business or that cashiers might steal money. Other threats to compliance might be that the restaurant does not pay fair wages under the Fair Labor Act or that it fails to pass Board of Health inspections. A threat to financial reporting might be that servers allow friends to eat for free.

Then the students can determine what kind of evidence the internal auditor would ask for in order to evaluate how well management’s actions cover the threats. This easy assignment helps students understand the connection between management’s responsibility to have control objectives in place to meet the restaurant’s objectives and the auditor’s role in gathering evidence to evaluate management’s control objectives.

Conclusion

In today’s business environment, Sarbanes-Oxley has made it imperative that everyone in the organization be concerned with good internal controls. Both the external auditor and the internal auditor are involved in the Sarbanes-Oxley process. It is imperative that accounting students studying auditing, in addition to understanding the responsibilities of external auditors, also be keenly aware of the managerial role that internal auditors play in assuring that internal controls are designed and operating effectively. Using a control matrix approach (see Appendix A for finished matrix) provides those students with a valuable learning experience.

Appendix A

|Control Matrix for a Restaurant |

| |

|COSO Objectives of|Threats to the |Control Objective (To stop|Internal Control Element |Evidence that Control |Audit Procedure (Auditor’s |

|Entity |Entity |the Threat-Management’s |(COSO) |Objective is Being Met |Responsibility) |

| | |Responsibility) | |(Management’s Responsibility)| |

|Operations |Employees will lose |To ensure that employees |Control Environment |Management provides training |Auditor requests and reviews |

| |fingers on sharp |don’t lose fingers on | |sessions for all new |schedule of past and future |

| |equipment |sharp equipment | |employees on how to use |training sessions and checks |

| | | | |equipment safely |that all employees have |

| | | | | |attended |

|Operations |Same |Same |Risk Assessment |Management reviews the |Auditor requests equipment |

| | | | |equipment to make sure that |review reports from management.|

| | | | |any new equipment is included|Examines new equipment. Checks |

| | | | |in training sessions |against training sessions |

|Operations |Same |Same |Control Activities |Safety blades are required to|Auditors sample equipment and |

| | | | |be kept on all equipment when|inspect to see that safety |

| | | | |equipment is not is use |blades are on equipment not in |

| | | | | |use |

|Operations |Same |Same |Information and |Reminders about equipment |Auditor examines signs near all|

| | | |Communications |safety are posted near all |equipment to see that they are |

| | | | |equipment |posted and in good condition |

|Operations |Same |Same |Monitoring |Management keeps logs of |Auditor requests safety walk |

| | | | |safety walk-throughs to see |through logs and determines |

| | | | |that equipment is covered |that comments have been |

| | | | |when not in use and employees|addressed |

| | | | |are following safety | |

| | | | |procedures. | |

| | | | | | |

|Compliance |Restaurant may lose |To ensure that all health |Control Environment |Management has policies and |Auditor examines policies and |

| |its license due to |regulations are followed | |procedures on all health |procedure manual to see that |

| |not adhering to |so that restaurant does | |regulations; all new |health regulations are included|

| |health regulations |not lose its license | |employees must read and sign |and are current; examines sign |

| | | | |off. |off by all employees |

|Compliance |Same |Same |Risk Assessment |Management reviews changes to|Auditor examines management’s |

| | | | |health code on a regular |review of new health codes and |

| | | | |basis to see if new |evaluates conclusions |

| | | | |regulations have added to | |

| | | | |their risks | |

|Compliance |Same |Same |Control Activities |Management has policy that no|Check for written policy; |

| | | | |food should be left out of |auditor observes kitchen for |

| | | | |refrigerator for more than |food left out; auditor inquires|

| | | | |one hour |of employees to see if they |

| | | | | |follow policy |

|Compliance |Same |Same |Information and |Signs are clearly posted |Auditor visits all bathrooms to|

| | | |Communications |stating that employees must |see that signs are clearly |

| | | | |wash hands after using the |visible and in good condition |

| | | | |bathroom | |

|Compliance |Same |Same |Monitoring |Management goes through all |Auditor examines city health |

| | | | |city health inspection |inspection reports and inquires|

| | | | |reports and implements all |if infractions have been |

| | | | |infractions |corrected |

|Financial |Restaurant sales |To ensure that all sales |Control Environment |Management has policies and |Auditor examines policy on |

|Reporting |will not be recorded|are recorded accurately so| |procedures for the proper |recording sales and inquires of|

| |accurately |that the financial | |recording of sales by servers|servers and cashiers |

| | |reporting objective is met| |and cashiers | |

|Financial |Same |Same |Risk Assessment |Management conducts quarterly|Auditor requests managements |

|Reporting | | | |reviews to determine if |quarterly review of changing |

| | | | |employee turnover has caused |circumstances and inquires as |

| | | | |changes to the financial |to resulting changes |

| | | | |procedures | |

|Financial |Same |Same |Control Activities |Management requires use of |Auditor samples server order |

|Reporting | | | |prenumbered server order |forms and checks for |

| | | | |forms so that all meals can |completeness |

| | | | |be accounted for | |

|Financial |Same |Same |Information and |Management prepares daily |Auditor samples daily servers |

|Reporting | | |Communications |server reports to report on |tip reports to ensure that all |

| | | | |all tips for tax purposes; |tips are accurately reported to|

| | | | |all employees sign form |the IRS |

|Financial |Same |Same |Monitoring |Management accounts for all |Auditor requests management’s |

|Reporting | | | |prenumbered server order form|report on monitoring |

| | | | |tickets |prenumbered tickets and |

| | | | | |inquires as to action taken on |

| | | | | |missing order forms |

Bibliography

Chambers, Andrew D., “Teaching Internal Auditing at a University-An Example in Content,” The Accounting Review, (January 1978), Vol. LIII, No.1, PP. 143-147.

Crockett, James R., “The Dynamics of Accounting Education and Their Effects on Internal Auditing,” Managerial Auditing Journal, (1993), Vol. 8, Iss. 4, pp. 27-32.

Dittenhofer, Mortimer A., “Teaching Internal Auditing: The Case-Study Method,” Managerial Auditing Journal, (1992) Vol. 7, Iss3, pp. 17-24.

Fernandes, John J., “Preparing Tomorrow’s Internal Auditor,” Managerial Auditing Journal, (1994), Vol. 9, Iss. 2; Pages 20-23.

Fernandes, John J., Margaret L. Poposky and Linda J. Savage, “Operational Auditing Education: High-Impact Techniques,” Managerial Auditing Journal, (1995), Vol. 10, Iss. 3, pp 19-22.

Foster, Sheila D. and Mary Brady Greenawalt, “Internal Auditing Education: A Comparison Across Countries,” Managerial Auditing Journal, (1995), Vol. 10, Iss. 3, pp. 31-36.

Greenawalt, Mary B., and Sheila Foster-Stinnett, “Experiential Learning for the Internal Auditing Student,” Managerial Auditing Journal, (1992), Vol. 7, Iss. 3, pp. 8-12.

Phillips, T. J., and B. T. Lewis, “Internal Audit Education: The Accounting Curriculum’s Greatest Deficiency,” Journal of Education for Business, (Jan/Feb 1991), Vol. 66, Issue 3, pp 176-180.

Sinason, David H., “Attracting Students to Internal Auditing Careers,” Internal Auditing, Jan/Feb 2004, Vol. 19, Iss. 1, pp. 39-42.

Wilson, Dennis, “Teach the Process, Not the Content,” Managerial Auditing Journal, (1995), Vol. 10, Iss. 3, pp, 15-18.

-----------------------

[1]

The Committee on Sponsoring Organizations published the COSO framework in 1992. It is the most widely recognized internal control framework used in the United States today.

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