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Developing a Standardised Model for Internal Control Evaluation

By Conor O'Leary


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

Topics: 150000 COMMERCE MANAGEMENT TOURISM AND SERVICES, Internal controls, auditors, evaluation methods, standardisation, auditing profession
Publisher: Irish Accounting and Finance Association
Year: 2005
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