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    An Evidential Reasoning Approach to Sarbanes-Oxley Mandated Internal Control Risk Assessment

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    Srivastava_2009.pdf (101.9Kb)
    Issue Date
    2009-06
    Author
    Mock, Theodore J.
    Sun, Lili
    Srivastava, Rajendra P.
    Vasarhelyi, Miklos
    Publisher
    Elsevier
    Type
    Article
    Article Version
    Scholarly/refereed, author accepted manuscript
    Metadata
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    Abstract
    In response to the enactment of the Sarbanes-Oxley Act 2002 and of the release of the Public Company Accounting Oversight Board (PCAOB) Auditing Standard No. 5, this study develops a risk-based evidential reasoning approach for assessing the effectiveness of internal controls over financial reporting (ICoFR). This approach provides a structured methodology for assessing the effectiveness of ICoFR by considering relevant factors and their interrelationships. The Dempster-Shafer theory of belief functions is utilized for representing risk. First, we develop a generic ICoFR assessment model based upon a Big 4 audit firm’s approach and apply it to a real-world example. Then, based on this model, we develop a quantitative representation of various levels of ICoFR effectiveness and related risk-assessment as defined by the PCAOB and contrast these representations with levels implied by Auditing Standard No. 5. In doing so, we demonstrate the potential value of formal risk assessment models in both facilitating the assessment of risks in an individual engagement and in assessing the effects of different regulations.
    Description
    This is the peer reviewed version of the following article: Mock, T., L. Sun, R. P. Srivastava, and M. Vasarhelyi. " An Evidential Reasoning Approach to Sarbanes-Oxley Mandated Internal Control Risk Assessment under Dempster-Shafer Theory", 2009, ABACUS, Vol. 45, No. 1, pp. 66-87. , which has been published in final form at http://doi.org/10.1016/j.accinf.2008.10.003. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Self-Archiving.
    URI
    http://hdl.handle.net/1808/26289
    DOI
    https://doi.org/10.1016/j.accinf.2008.10.003
    Collections
    • School of Business Scholarly Works [216]
    Citation
    Mock, T., L. Sun, R. P. Srivastava, and M. Vasarhelyi. " An Evidential Reasoning Approach to Sarbanes-Oxley Mandated Internal Control Risk Assessment under Dempster-Shafer Theory" , 2009, ABACUS, Vol. 45, No. 1, pp. 66-87.

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    KU Libraries
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    785-864-8983

    KU Libraries
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    Lawrence, KS 66045
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    Contact KU ScholarWorks
    785-864-8983
    KU Libraries
    1425 Jayhawk Blvd
    Lawrence, KS 66045
    785-864-8983

    KU Libraries
    1425 Jayhawk Blvd
    Lawrence, KS 66045
    Image Credits
     

     

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