Research on the Integration of Financial Reports Audit and Internal Control Audit

DOI

10.2991/msmi-19.2019.26How to use a DOI?

Keywords

Internal control audit, Financial reports audit, Integrated audit.

Abstract

With the introduction of China's internal control audit guidelines, it marks the basic construction of internal control audit system based on the reality of China and the experience of developed countries, but there are no specific operational guidelines, which is not conducive to the full implementation of internal control audit in China. On the one hand, China's auditing theory community has launched a heated discussion on whether to conduct integrated audit or double independent audit. On the other hand, the cost-benefit principle makes improving auditing efficiency and reducing auditing cost become the goal of auditing business. Therefore, this paper aims to find out the key points of integrating the two kinds of audit and analyze them. Discusses the advantages of integrated audit for dual independent audit, and briefly discusses related strategies for integration. Finally, it proves that integrated audit can play the greatest role in these aspects: increasing the guarantee degree of the effectiveness of internal control, meeting the growing needs of investors for financial information, promoting the healthy development of capital market, and reduce the heavy financial burden faced by enterprises in hiring CPAs for financial reports and internal control audit respectively.

Copyright

© 2019, the Authors. Published by Atlantis Press.

Open Access

This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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TY  - CONF
AU  - Pu-Yi Zhu
PY  - 2019/06
DA  - 2019/06
TI  - Research on the Integration of Financial Reports Audit and Internal Control Audit
BT  - Proceedings of the 6th International Conference on Management Science and Management Innovation (MSMI 2019)
PB  - Atlantis Press
SP  - 141
EP  - 145
SN  - 2352-5428
UR  - https://doi.org/10.2991/msmi-19.2019.26
DO  - 10.2991/msmi-19.2019.26
ID  - Zhu2019/06
ER  -