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  • Developing a Standardised Model for Internal Control Evaluation

    Author(s)
    O'Leary, Conor
    Griffith University Author(s)
    O'Leary, Conor
    Year published
    2004
    Metadata
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    Abstract
    This study develops an internal control evaluation (ICE) model - a prototype matrix model -which addresses limitations noted in previous studies. 94 auditors from 5 firms evaluated the internal control structure of a fictitious entity using their current firm methodology and the ICE model, and compared methods. For "overall usefulness" and three factors, "cost"; "logical development"; and "time to complete", auditors ranked the ICE model as good as current evaluation methods. For one factor "completeness", two firms considered it less beneficial. Results indicate attempts to develop a standardised evaluation model are ...
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    This study develops an internal control evaluation (ICE) model - a prototype matrix model -which addresses limitations noted in previous studies. 94 auditors from 5 firms evaluated the internal control structure of a fictitious entity using their current firm methodology and the ICE model, and compared methods. For "overall usefulness" and three factors, "cost"; "logical development"; and "time to complete", auditors ranked the ICE model as good as current evaluation methods. For one factor "completeness", two firms considered it less beneficial. Results indicate attempts to develop a standardised evaluation model are worthwhile. Such a model may benefit the auditing profession, as standardisation may support the stance for self-regulation.
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    Journal Title
    Irish Accounting Review
    Volume
    11
    Issue
    2
    Publisher URI
    https://iafa.ie/accounting-finance-governance-review/
    Subject
    Auditing and Accountability
    Accounting, Auditing and Accountability
    Banking, Finance and Investment
    Publication URI
    http://hdl.handle.net/10072/58866
    Collection
    • Journal articles

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