Assessment of the internal control system

The evaluation of the internal control system implies the examination of the effectiveness of the internal control system of an organization.

Through this assessment, the auditor can determine the scope of additional testing that should be conducted in order to reach an opinion on the state of the company’s financial statements.

A quality internal control system reduces the risk of abuse and fraud, which reduces the need for additional audits. The examination focuses on issues of finance, safety and security of documentation, level of training and competence of employees, as well as the effectiveness of internal audit.

The steps involved in this process include the following:

• Determining the scope and type of controls used by the client.
• Determining which of these controls the auditor intends to rely on.
• Based on the first two steps, determining which audit procedures should be improved or reduced in scope.
• Give recommendations to the client regarding the improvement of its internal control system.

Contact and cooperation

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