The Case for the Deep Dive: Auditors should stress depth
and thoroughness in assessing process controls.
This article explains that auditors need to conduct thorough processes to complete
audits. It may be easy to do the bare minimum, but that will not help an external auditor or
shareholders. Auditors need to utilize an adequate sampling size to produce an outcome thsta
truly represents the business practices. "Standard sampling guidelines such as "sample 25
items for a daily control" or "sample 30 items for large populations" are really sampling
shortcuts that mask the level of assurance and can lead to sample sizes that don't provide a
true picture of how a control is performing" (Mckinney, 2022). Another thing internal
auditors need to be mindful of is that they must understand the evidence in order for others to
do the same. They cannot speed thorough processing data and take shortcuts based on money
or input from management. Others depend on their analysis to reach conclusion based on the
business. Auditors should spend time truly analyzing the data, and not taking it for face value.
They should ask questions, challenge control input assumptions, and introduce scope
limitations. (Mckinney, 2022). This will allow the audit produced to give a greater sense of
awareness that clients deserve.
The difference between external and internal auditors is the frequency in service
provided. Internal auditors are a part of the business. They provide a service that helps ensure
the productivity of the business. An external auditor partially relies on the reports produced
by the internal auditors while conducting audits on a periodic schedule. They are not
employed by the company, nor do they benefit from siding with the report created by the
internal auditor or influence from management.
Mckinney, Robert. "The Case for the Deep Dive: Auditors should stress
depth and thoroughness in assessing process controls."Internal AuditorAug.
2022: 17+.Business Insights: Global. Web. 18 Aug.
2022.http://bi.gale.com.ezproxy.snhu.edu/global/article/GALE
%7CA713047483/4f6d1be5f8febc1ef80965bde72411ae?u=nhc_main
