Abstract
<p class="MsoNormal" style="text-align: justify; margin: 0in 40.5pt 0pt 0.5in;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman;">This paper presents a Control Objectives Reconciliation, a tool that independent auditors of clients in the construction industry should find useful in performing a preliminary evaluation of the client&rsquo;s internal control system.<span style="mso-spacerun: yes;">&nbsp; </span>Auditors are advised to compare their client&rsquo;s control objectives with those presented in Exhibits 1 through 7.<span style="mso-spacerun: yes;">&nbsp; </span>Where the client&rsquo;s system appears to omit significant control objectives, the auditor should consider the risks brought on or magnified by the omission during the preliminary evaluation of the client&rsquo;s internal control system.<span style="mso-spacerun: yes;">&nbsp; </span>The Control Objectives Reconciliation is also potentially useful to Construction Company CFOs or Controllers who may be concerned about the adequacy of their company&rsquo;s internal control system.<span style="mso-spacerun: yes;">&nbsp; </span>The Reconciliation also highlights for Construction Company CFOs or Controllers those internal controls deemed to be important to their external, independent auditors.</span></span></p>
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More From: Journal of Business & Economics Research (JBER)
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