The Internal Control Inside Audit Evaluation Based On COSO

As an important component of modern business management, internal control is also the foundation to ensure the production and operation of the enterprise smoothly. With the deep establishment and gradual improvement of economic system of China’s socialist market, the market competition has been increasingly fierce. In order to enhance the competitiveness and the economic efficiency of enterprise, it is necessary to strengthen the internal control. While being the requirement of improving and perfecting internal control of enterprise, carrying out the evaluation of internal control inside audit also plays an important role in its auditing work. As one of China’s largest integrated energy and chemical companies, China Sinopec is also the listed company in New York, Hong Kong and Shanghai. According to the Sarbanes-Oxley Act and Basic Norms of Enterprise Internal Control, the internal control system and inside audit evaluation system based on COSO are established.This paper firstly describes the COSO internal control and risk management, indicating the internal unity of risk management and internal control of enterprise. Secondly, it introduces the basic framework and control methods of internal control system in Sinopec based on the COSO. On this basis, it further describes the inside audit evaluation status of internal control and system construction of Sinopec. By studying the actual situation of enterprise internal control and its inside audit evaluation system of Sinopec, combining with the inside audit evaluation methods and content of internal control as well as the implementation plan, the author analyzes its disadvantages in inside audit evaluation system of internal control, and proposes on the soundness of internal control system, reasonable assessment, scientific sampling and improvement of evaluation standards.