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Audit Standards and Control
Frameworks
(COSO, PCAOB, Yellow Book, IIA Red Book, SOX, SASs,
International ISAs)
Yes we all want to have world-class
audit shops. And one way to get there is to audit “to” the gold standards.
Ironically, many audit shops have no real audit benchmarks as to “sound”
auditing. (We’re not saying that they don’t perform good audits … but they may
have no measurement or yardstick.) The true gold standard is the Statements on
Auditing Standards (SASs) … EVEN for Internal Audit. Audit research, and
practice, shows that the SASs provide the most guidance, and linkage among the
components of an audit. And, given the exposure in public accounting, the SASs
want to “get it right” … for all parties concerned. Other great standards exist:
the GAO’s Yellow Book, the IIA’s Red Book and Professional Practices Framework,
the Auditing Standards from the PCAOB, the COSO and COSO-ERM, the CobiT, COCO
(Canada), Basel II, BS 7799 (UK), The Turnbull Guidance (UK) and even the ISAs.
Wouldn’t it be great to compare and
contrast to “best of the best” auditing standards/frameworks, and then percolate
our own “best practices” audit methodology?
That’s what we do in this
course! |
