ECONOMIC REFLECTION OF THE ETHICAL CODE OF INTERNAL AUDIT IN THE FUNCTION OF THE MANAGERIAL ASSISTANCE
ECONOMIC REFLECTION OF THE ETHICAL CODE OF INTERNAL AUDIT IN THE FUNCTION OF THE MANAGERIAL ASSISTANCE

Summary/Abstract: The control environment, which is largely determined by management’ policies and the operating style of the entity, is fundamental to the way the controls are carried out within an organisation. In order to obtain a full understanding of the control environment, the auditor should focus more on the high-level policies and practices of the audited entity and less on the detailed controls within individual operations. Professional skepticism is of great importance when assessing the control risk. The auditor must apply it when verifying how the internal controls, implemented by the management of the entity, have acted in the direction of reducing the specific inherent risks.

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