Final answer:
A common method for reviewing a company's internal control procedures is the use of internal control questionnaires, complemented by historical records review, management opinions, and conducting interviews.
Step-by-step explanation:
A common method for reviewing a company's internal control procedures is the use of internal control questionnaires. These questionnaires are designed to formally assess the effectiveness of the company's internal controls and to identify areas for improvement. By asking relevant questions about control activities, risk assessment, information and communication systems, and monitoring, these tools can provide a comprehensive overview of a company's control environment.
Additionally, other methods such as conducting interviews, consulting historical records, and getting top management's opinions can complement the use of questionnaires. Expert opinions and observations can provide valuable insights into the practical application of controls and their efficacy.
Furthermore, comparing the consistency of the company's control procedures with existing records or standards, and engaging with individuals who are knowledgeable about the company's internal processes, are essential steps in conducting a thorough internal control review.