Developing a Standardised Model for Internal Control Evaluation

O'Leary, Conor (2005) Developing a Standardised Model for Internal Control Evaluation. The Irish Accounting Review, 11(2), pp. 35-57.


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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ID Code: 4908
Item Type: Journal Article
Refereed: Yes
Additional Information:
Additional URLs:
Keywords: Internal controls, auditors, evaluation methods, standardisation, auditing profession
ISSN: 0791-9638
Subjects: Australian and New Zealand Standard Research Classification > COMMERCE MANAGEMENT TOURISM AND SERVICES (150000)
Divisions: Current > QUT Faculties and Divisions > QUT Business School
Copyright Owner: Copyright 2005 Irish Accounting and Finance Association
Copyright Statement: Reproduced in accordance with the copyright policy of the publisher.
Deposited On: 04 Sep 2006 00:00
Last Modified: 22 Jun 2011 19:19

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