Altamonte Springs, Fla. (May 27, 2004) -- An overwhelming majority (92 percent) of internal auditors have identified gaps in their organization’s internal controls framework, according to a survey by Jefferson Wells International and the Institute of Internal Auditors.
Among those who identified gaps, 34 percent said that the gaps related primarily to a lack of process control-related documentation; 23 percent said that they were primarily related to formal review and approvals; and 19 percent cited segregation of duties. Among the 16 percent who said that the gaps were primarily in other areas, information technology-related gaps figured prominently in the explanations, the report noted.
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