What the COSO report means for internal auditors

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Abstract:

There have been new interests in internal control and the COSO report represents a milestone in the evolution of internal control. The business community and accounting profession reactions to the COSO report have been positive in the USA. The provisions of the COSO report help organizations to understand and appreciate better the value and importance of internal control; they also expand the elements and components of internal control, and provide guidelines for establishing criteria against which all entities can assess the adequacy and effectiveness of their internal control systems. The COSO report should provide a great implication for organizations' internal audit functions and have a significant positive impact on the better recognition of the proactive role of internal auditors.

Keywords: Fraud; Internal Audit; Internal Control; Risk; Teamwork

Document Type: Research Article

DOI: http://dx.doi.org/10.1108/02686909510088350

Publication date: June 1, 1995

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