Open AccessThe Role of Internal Control Guidance in the Modern Economy and Its Impact on Audit Governance in the U.S.
Author(s) -
Victor W Gaines,
Karina Kasztelnik
Publication year - 2019
Publication title -
international journal of accounting and finance studies
Language(s) - English
Resource type - Journals
eISSN - 2576-201X
pISSN - 2576-2001
DOI - 10.22158/ijafs.v3n1p1
Subject(s) - internal audit , control environment , corporate governance , internal control , accounting , public sector , audit , business , control (management) , private sector , information technology audit , process management , joint audit , economics , management , finance , economy , economic growth
Whether it is the private sector or public sector, it is important for auditors to have an adequate framework when evaluating internal control systems governance. One of the most widely used frameworks used by audit practitioners is the COSO Internal Control-Integrated Framework Governance. As auditors examine different global frameworks, one can quickly identify the importance the COSO Internal Control-Integrated Framework Governance has on evaluating internal control systems globally. As audit practitioners, it is essential to have a universal framework that can systematically assist in evaluating an internal control system. As auditors and management look toward the future, whether it is private or public sector auditing, they can-will see the fingerprints of the COSO Internal Control-Integrated Framework Governance in evaluating future internal control systems throughout the world. This article are helpful to both the pravite sector management and policymakers.