Explain whether you agree or disagree with the following statement:
For each control selected for testing, the internal auditor requires the same quality and quantity of audit evidence
The internal auditor's job is to screen risks and then ensure a control is in place to prevent or detect the risk event. Higher risks are given higher attention as they are more frequent or more harmful to the organization. So, controls that check for emissions of toxins are more serious than controls that make sure the bank reconciliation is done by the 7th day of the month. Controls that verify that all real estate owned is insured is more important than a control showing that lights are turned off over the weekends. So, for controls that are more serious, the internal auditors will ...
Your response discusses how internal audit approaches and sorts types of controls. Four examples are given and the meaning of quality and quantity of controls is discussed. Length: 413 words (about one and a half pages).