Magazine article The CPA Journal

Book Review: Sawyer's Internal Auditing-The Practice of Modern Internal Auditing, 4th Edition

Magazine article The CPA Journal

Book Review: Sawyer's Internal Auditing-The Practice of Modern Internal Auditing, 4th Edition

Article excerpt

Published by The Institute of Internal Auditors, 1,499 pages. $85.00 (IIA members), $100.00 (nonmembers).

Review by Allan M. Rabinowitz, CPA; Professor of Accounting, Pace University; formerly director of internal auditing, Macmillan, Inc.

Over the past half century, internal auditing has emerged as a distinct and full-fledged profession with its own philosophy, standards, principles, practices, and procedures. The extent of its development is impressively evidenced in this 1996 update to a work first published in 1973 by Lawrence Sawyer. Mr. Sawyer has been a prolific and highly regarded contributor to internal audit literature and has played an integral role in the maturation of internal auditing as a profession.

This book has special significance to many in the accounting and managerial communities. It is valuable reading not only for practicing internal auditors but also for all organization managers and executives, including financial personnel, responsible for the presence of sound internal controls in their areas of concern and whose activities are subject to audit; for directors, particularly those serving on audit committees, who need to understand the nature of adequate internal control and the audit function; and for public accountants.

CPAs in public practice who work with smaller clients lacking internal auditors often bear an added burden of seeing that these clients possess a proper operating control structure. Many CPAs are engaged specifically to supply internal audit services. CPAs serving clients who do employ internal audit staffs must know how to derive the greatest benefit from their presence in order to enhance the CPA's work and to minimize their own exposure to client impropriety or error and to audit work omissions. …

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