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JOURNAL OF ACCOUNTING AND FINANCE
Does Internal Control Improve the Attestation Function and by Extension Assurance Services?
A Practical Approach
Author(s): Linval Frazer
Citation: Linval Frazer, (2020) "Does Internal Control Improve the Attestation Function and by Extension Assurance Services? A Practical Approach," Journal of Accounting and Finance, Vol. 20, ss. 1, pp. 28-38
Article Type: Research paper
Publisher: North American Business Press
Abstract:
This paper demonstrates that internal control can be successfully applied to any company to foster accurate financial reporting, non-financial information, compliance with laws and operational efficiency. Furthermore, it bolsters the assurance process, in that it helps to give credibility and authenticity of information. The paper asserts that an effective internal control system reduces inherent, control and detection risks. This leads to less substantive audit procedures and lower audit fees. It also reduces compliance audits from federal, state and local authorities and garners less unethical behaviors. The paper concludes that companies that have effective internal control systems solicit more respect from stakeholders.
