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EVALUATION OF INTERNAL CONTROL BY THE AUDITOR
The auditor should gain an understanding of the accounting system and related internal
controls and should study and evaluate the operations of these internal controls upon
which he wishes to rely in determining the nature, timing and extent of other audit
procedures.

(A) Benefits of Evaluation of tnternal Control to the Auditor The review of internal controls will
enable the auditor to know:
(i) whether errors and frauds are likely to be located in the ordinary course of operations of
the business;
(ii) whether an adequate internal control system is in use and operating as planned by the
managemenu
(iii) whether an effective internal auditing department is operating;
(iv) whether any administrative control has a bearing on his work;
(v) whether the controls adequately safeguard the assets;
(vi) how far and how adequately the management is discharging its function in so far as
correct recording of transactions is concerned;
(vii) how reliable the reports, records and the certificates to the management can be;
. (viii) the extent and the depth of the examination that he needs to carry out in the different
areas of accounting;
(ix) what would be appropriate audit technique and the audit procedure in the given
circumstances;
(x) what are the areas where control is weak and where it is excessive; and
(xi) Whether some worthwhile suggestions can be given to improve the control system.

(B) Formulate Audit Program after understanding Internal Control

Auditor can formulate his entire audit programme only after having a satisfactory
understanding of the internal control systems and their actual operation; otherwise his audit
programme may become unwieldy and unnecessarily heavy. lt is also important for him to
know whether the system is actually in operation.
By having knowledge of ICS he will also be in a position to bring to the notice of the
management the weaknesses of the system and to suggest measures for improvement. At a
further interim date or in the course of the audit, he may ascertain how far the weaknesses
have been removed. ln deciding upon a plan of test checking, the existence and operation of
internal control system is of great significance.
ln a situation where the internal controls are considered weak in some areas, the auditor might
choose an auditing procedure or test that otherwise might not be required; he might extend
certain tests to cover a large number of transactions or ln a situation where the internal
controls are considered weak in some areas, the auditor might choose an auditing procedure or
test that otherwise might not be required; he might extend certain tests to cover a large
number of transactions or other items than he otherwise would examine and at times he may
perform additional tests to bring him the necessary satisfaction.
 t

(C) Evaluation of lnternal Control- Methods

A review of the internal control can be done by a process of study, examination and evaluation
of the control system installed by the management.
To facilitate the accumulation of the information necessary for the proper review and
evaluation of internal controls, the auditor can use one of the following to help him to know
and assimilate the system and evaluate the same:

(i) The Narrative Record: This is a complete and exhaustive description of the system as
found in operation by the auditor. Actual testing and observation are necessary before
such a record can be developed. lt may be recommended in cases where no formal
control system is in operation and would be more suited to small business.
The basic disadvantages of narrative records are:
o To comprehend the system in operation is quite difficult.
o To identify weaknesses or gaps in the system.
o To incorporate changes arising on account of reshuffling of manpower, etc.

(ii) A Check List: This is a series of instructions and/or questions which a member of the
auditing staff must follow and/or answer. When he completes instruction, he initials the
space against the instruction. Answers to the check list instructions are usually Yes, No or
Not Applicable. This is again an on the job requirement and instructions are framed having
regard to the desirable elements of control.

(iii) Internal Control Questionnaire

This is a comprehensive series of questions concerning internal control. This is the most
widely used form for collecting information about the existence, operation and efficiency
of internal control in an organisation.
An important advantage of the questionnaire approach is that oversight or omission of
significant internal control review procedures is less likely to occur with this method. With
a proper questionnaire, all internal control evaluation can be completed at one time or in
sections. The review can more easily be made on an interim basis. The questionnaire form
also provides an orderly means of disclosing control defects. In the questionnaire,
generally questions are so framed that a 'Yes' answer denotes satisfactory position and a
'No' answer suggests weakness. Provision is made for an explanation or further details of
'No' answers. ln respect of questions not relevant to the business, 'Not Applicable' reply is
given.

The questionnaire is usually issued to the client and the client is requested to get it filled
by the concerned executives and employees. lf on a perusal of the answers,
inconsistencies or apparent incongruities are noticed, the matter is further discussed by
auditor's staff with the client's employees for a clear picture. The concerned auditor then
prepares a report of deficiencies and recommendations for improvement.

(iv) Flow Chart

It is a graphic presentation of each part of the company's system of internal control in
most concise way. lt minimises the amount of narrative explanation. lt gives bird's eye
view of the system and the flow of transactions and integration and in documentation, can
be easily spotted and improvements can be suggested.

TEETTNQ oF L N f ERN4 u Lo*ttR.o r- (Xosf r mP')

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BASICS OF STANDARDS ON INTERNAL AUDIT ISSUED
BY ICAI
Internal Audit Standard Board (earlier known as Committee on
Internal Audit) of lCAl has
formulated Standards and Guidance Notes on Internal Audit. The
Board has, till date, issued
18 Standards on Internal Audit (SlAs). The following SlAs
are recommendatory in nature.

SIA 1: Planning an Internal Audit.

SIA 2: gari.
SIA 3: Documentation.
SIA 4: KeporUng.
SIA 5:
SIA 6: Analytict
SIA 7: Ltualtty Assurance in Internal Audit.
SIA 8:
SIA 9: Communication with
SIA 10:
SIA 11: Consideration of Fraud in an Internal Audit.
SIA 12r
SIA 13: tnterprise Risk Management.
SIA 14:
SIA 15: Knowledge of the Entity and its Environmer,t.
SIA 16:
SIA 17: consideration of Laws and Regulations in an Internat Ardit
SIA 18:
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