Question Tag: External audit

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AA – Nov 2024 – L2 – Q3a – Management’s Expert and Audit Evidence

Explain the term "management’s expert" and four factors to consider before relying on their work as audit evidence.

Question

Question:
ISA 500: Audit Evidence provides guidance for auditors intending to rely on the work of a management’s expert. If the information to be used as audit evidence has been prepared using the work of a management’s expert, the auditor must evaluate the management’s expert.

Required:
i) Explain the term “management’s expert.”
ii) Explain FOUR factors to consider before relying on the work of a management’s expert as audit evidence.

Answer

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Tags: Audit evidence, Audit Reliability, External audit, Financial Reporting, Management’s expert, Professional Judgment, Risk Management
Level: Level 2

Topic: Audit and Assurance Evidence
Series: Nov 2024

AAA – May 2017 – L3 – Q3c – Internal Audit and Corporate Governance

Provide examples of internal audit reports used by external auditors.

Question

Give THREE examples of internal audit activity reports that might be used by the external auditor. (6 Marks)

Answer

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Tags: Audit evidence, External audit, Internal Audit Reports
Level: Level 3

Topic: Internal Audit and Corporate Governance

AAA – May 2017 – L3 – Q3a – Internal Audit and Corporate Governance

Develop a presentation comparing the roles, independence, and responsibilities of external and internal auditors.

Question

Your firm has been external auditors of Specific Processors Plc for some years. Specific Processors Plc. has an Internal Audit Department engaged in both compliance and operational auditing within the company.

The head of the Internal Audit Department, Mr. Lucky Suleiman, FCA, has invited you to give a talk during their annual training week on the roles of external and internal auditors, the type of work they carry out, and their specific responsibilities.

Required:

Develop a suitable presentation focusing on the differences and similarities between external and internal auditors in terms of:

i. General Role
ii. Independence
iii. The work carried out in the following areas:

Systems of Internal Control
Operational Auditing
iv. Reporting Responsibilities

Answer

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Tags: Audit Independence, External audit, Internal Audit, Operational Auditing, Reporting Responsibilities
Level: Level 3

Topic: Internal Audit and Corporate Governance

AAA – May 2023 – L3 – Q4 – Assurance Engagements

Differentiate between due diligence and audit reports, discuss key items for due diligence, evaluate professional firm benefits, and highlight the due diligence report format.

Question

Piton Drilling and Engineering Services Limited was established in 2001 by Andrew and Cole. The company provides consultancy, engineering, and training services in borehole drilling, power generation, and environmental engineering services under drilling, training, and laboratories divisions. The largest division is drilling, contributing more than 60% of income, while training and laboratory services contribute over 30%.

Piton Drilling & Engineering Services Limited saw an opportunity to combine business operations with Valemu Limited, a small engineering company with three members. Valemu Limited has a strong presence in the riverine areas and commenced operations about two years ago.

The issue of the business combination was brought to the attention of Peter, the Engagement Partner for the audit of Piton Drilling and Engineering Services Limited. He suggested that Andrew and Cole should perform due diligence on the operations of Valemu Limited, regardless of the fact that they are in similar business operations. He explained that this exercise would reduce the risk of failure of the merged entity, as both quantitative and qualitative information would be available about the operations of the entity before deciding on signing the agreement.

The due diligence should cover financial viability and long-term sustainability of the merged entity. Peter made reference to a situation where a large department store was forced to wind down its operations after a business combination when it was discovered that the merged entity was highly indebted to the bank, and most of its assets had been pledged as collateral for loans.

Some staff of your firm have already been assigned to the audit engagement. You informed them that the audit would be delayed because a due diligence exercise is being carried out on the operations of the entity Piton Drilling and Engineering Services Limited intends to merge with. One of the inquisitive staff, who is tired of staying in the office, came up to you with a question: why couldn’t the audit and the due diligence review serve the same purpose?

Required:

(a) Differentiate between due diligence report and external audit report. (3 Marks)

(b) Discuss the items you feel should be investigated or reported on in the due diligence exercise to make it of value to Piton Drilling and Engineering Services Limited. (7 Marks)

(d) Highlight the format of the due diligence report. (7 Marks)

Answer

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Tags: Business combination, Due diligence, External audit, Financial Viability, Report Formats
Level: Level 3

Topic: Assurance Engagements

AAA – Nov 2023 – L3 – SC – Q6 – Internal Audit and Corporate Governance

Discusses control activities for Reliable Ltd and external auditor responsibilities in light of control gaps and bank requirements.

Question

Reliable Limited is into wholesale and retail supply and distribution of stationeries to companies and educational institutions. The company maintains business relationships with other enterprises that are owned by close friends and relatives. The books of account of the company were kept manually and in simple Excel. The company had only a staff member in the accounts department since it is a small business operation.

A review of the company’s operations shows that inventory of stationeries purchased was not properly valued due to incomplete recording of purchases made. Although bank statements are obtained, the balances on the bank statements were not reconciled with the cash book.

Cash from sales made was not banked intact, and expenses relating to cash takings from the till were not all recorded or properly monitored. Added to this, goods bought from related parties were sometimes overvalued as suppliers made frivolous claims which could not be disputed due to poor record keeping. The Managing Director and owner of the company has been sick for some time, and the wife concentrated more on her own business, leaving the operations of the company to a relation who is not well educated. Available evidence revealed that invoices and vouchers of the company were approved without management review, and the procedure or selection of suppliers was not transparent.

The company has just won a contract for the supply of stationeries in one of the states in the Federation, and it was found that there was inadequate cash flow to execute the contract. The manager of the company informed the Managing Director’s wife of the development, and it was agreed that a bank loan would be needed. On approaching the bank, updated financial statements of the company were requested to determine the financial health of the business and ability to repay the loan when due.

Your firm has been appointed as auditors of the company with a stipulated deadline to complete the audit so that the company could meet the bank’s conditions. The firm has conducted a preliminary review of the operations of the company, and some control gaps have been noted.

Required:

a. Discuss suitable control activities that will be required in the above scenario and how you will assess the degree of effectiveness of the internal control systems.
(10 Marks)

b. Identify and explain what the external auditors are expected to do during the course of the above audit.
(5 Marks)

Total: 15 Marks

Answer

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Tags: Bank Reconciliation, Cash Management, Control Gaps, Corporate Governance, External audit, Financial Statements, Internal Controls, Inventory Valuation, Loan Assessment, Related parties
Level: Level 3

Topic: Internal Audit and Corporate Governance
Series: NOV 2023

AA – Nov 2014 – L2 – Q4 – Fraud and Error

Describe how internal and external auditors handle fraud and error risks, and evaluate specific fraud risks at Rock Holidays.

Question

Fraud and error present risks to an entity. Both internal and external auditors are required to deal with risks in an entity. However, the responsibilities of internal and external auditors in relation to the risk of fraud and error differ.

Required:

a. Explain how the internal audit function helps an entity with the risk of fraud and error. (7 Marks)

b. Explain the responsibilities of external auditors with respect to the risk of fraud and error in an audit of financial statements. (7 Marks)

c. Rock Holidays is an independent travel agency. It does not package holidays itself. It takes commission on holidays sold to customers through its chain of high street shops. Staff are partly paid on a commission basis. Well-established tour operators run the holidays that Rock Holidays sells. The network reservations system through which holidays are booked and the computerized accounting system are both well-established systems used by many independent travel agencies.

Payments by customers, including deposits, are accepted in cash and by debit and credit cards. Rock Holidays is legally required to pay an amount of money (based on its total sales for the year) into a central fund maintained to compensate customers if the agency should cease operations.

Describe the nature of the risks arising from fraud and error to which Rock Holidays is subject. (6 Marks)

Answer

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Tags: Auditor Responsibilities, Corporate Governance, External audit, Fraud risk, Internal Audit, Rock Holidays
Level: Level 2

Topic: Fraud and Error

CSME – May 2022 – L2 – SB – Q2 – Risk Management and Corporate Strategy

Advise on risk management for a supermarket chain facing security challenges and new regulations.

Question

A supermarket chain recently established more outlets in the city. Due to increased risk exposure occasioned by heightened insecurity in the country, the company saw the need to implement an effective management strategy aimed at minimizing attendant risks. The need is made even more apparent due to the introduction of more stringent regulatory requirements on handling perishable food items by the National Agency for Food and Drugs Administration and Control (NAFDAC). To this end, you have been engaged to provide advice to the company on risk management.

Required:

i. Using the ALARP principle, advise the management on how to effectively manage the company’s risks. (2 Marks)
ii. Advise the company on the need to engage a risk manager. (2 Marks)
iii. Enumerate the roles of a risk manager. (5 Marks)

i. What is a risk audit? Should the firm engage internal or external auditors (or consultants) to conduct a risk audit? Justify your position. (7 Marks)
ii. Illustrate to the management of the company the stages involved in conducting a risk audit. (4 Marks)

Answer

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Tags: ALARP Principle, External audit, Internal Audit, Risk Assessment, Risk Audit, Risk Management
Level: Level 2

Topic: Risk Management and Corporate Strategy
Series: MAY 2022

AA – Nov 2016 – L2 – Q1 – Internal Audits

This question addresses internal audit functions, the differences between internal and external auditors, outsourcing internal audit, and risk categories considered by internal auditors.

Question

KEMTA Nigeria Limited is a private electrical and mechanical engineering company. The company is one of the major players in the provision of cutting-edge engineering construction services in the Nigerian electrical, mechanical, and communication engineering industry. The company has sites in all 36 States of the Federation, including Abuja. They also work for major financial institutions, educational institutions, Federal, State, and Local Governments. The company has over 500 professionals, skilled, and unskilled workers on its payroll.

You have been the auditor of the company for the past five years. During your audit, you observed some weaknesses in the internal control system of the company. Your review of the domestic reports showed that your firm has been recommending the establishment of an internal audit department for the past three years. However, you observed that the Managing Director is not favorably disposed to this idea, seeing it as an additional cost to the company. He requested to know more about outsourcing the internal audit department.

Required:
a) State and explain the purpose and functions of internal audit in an organisation. (5 Marks)
b) Enumerate the fundamental differences between the internal and external auditors. (10 Marks)
c) Present:
i) The main reasons for outsourcing internal audit. (3 Marks)
ii) The benefits of outsourcing. (2 Marks)
iii) Possible problems of outsourcing. (4 Marks)
d) Identify and explain the THREE main categories of risks usually considered by internal auditors. (6 Marks)

Answer

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Tags: External audit, Internal Audit, Internal Control, Outsourcing, Risk Categories
Level: Level 2

Topic: Internal Audits
Series: NOV 2016

AA – Nov 2019 – L2 – Q1 – Introduction to Auditing

Discuss the objectives of external audit services, eligibility for external auditors, rights and duties of external auditors, and management responsibilities.

Question

Boniface Bank Limited placed an advert in the national dailies requesting for proposals for external audit services.

You are provided with the following information:

Boniface Bank Limited was licensed as a commercial bank in 2018. The shareholders’ fund is N25 billion and the bank is mainly in the retail business. The bank is a national bank with presence in the state capitals of the six geopolitical zones in Nigeria. The bank is gaining recognition as an institution that finances small and medium scale enterprises in the country.

The policy of the bank is to have an auditor for a 10-year tenure and a partner rotation every five years.

Scope of work

In line with best practices, external auditors are expected to be independent and conduct the audit of the books of the bank in conformity with the International Financial Reporting Standards (IFRS) and the International Standards on Auditing (ISA). They are also expected to provide other services as the need arises that will not compromise their independence.

To be specific, the successful firm will be required to:

Conduct an audit and report on the state of affairs and operations of the bank for the year ended December 31, 2018;
Advise management on the treatment and disclosures of certain items in the financial statements as the need arises, for example, new and revised standards;
Make presentations to shareholders on the state of affairs and operations of the bank at the Annual General Meeting; and
Present the management letter on weaknesses identified during the audit.

Qualifications of the firm

The audit firm to be selected should have at least six partners with good quality control processes and robust audit software. In addition, the firm must have subject matter experts in the International Financial Reporting Standards.

The proposal should state the firm’s experience in bank audits, fee quote, the proposed engagement team, the audit approach, and relevant activities for smooth operation of the audit including steps necessary to conduct a hitch-free audit.

Independence

The proposal should indicate how the firm will ensure that it maintains its independence and avoids conflicts of interest throughout the period of appointment as auditors.

Submission

You are expected to submit your proposal not later than 5p.m. on December 13,
2018.
The shortlisted firms shall be invited for presentations as soon as possible and will
be finally contacted for follow up interviews if successful.
(For any further clarification, please contact Olaolu Aki on 0071562534.)
The partners of your firm are interested in the proposal of Boniface Bank Limited.
You have been requested to make input for the proposal as soon as possible.

Required:

Discuss the following:
a. Objectives of the external audit of Boniface Bank Limited. (4 Marks)
b. Eligibility for qualification as external auditor. (10 Marks)
c. Rights and duties of external auditors under the Companies and Allied
Matters Act CAP C20 LFN 2004. (10 Marks)
d. Responsibility of management and those charged with governance.
(10 Marks)
e. Requirements of auditors in relation to International Standards on Auditing
(ISA 200). (6 Marks)

Answer

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Tags: Audit Proposal, Boniface Bank, External audit, Independence
Level: Level 2

Topic: Introduction to Auditing

PSAF – Nov 2020 – L2 – Q2a – Public Sector Audit

Discuss the external auditors' reliance on internal audit functions and reasons for rising public expenditure.

Question

An internal audit is an independent appraisal activity within an organisation for the review of accounting, financial, and other operations with the objective of assisting members of the organisation to discharge their responsibilities effectively. It is a sound policy to establish constructive working relationships with internal audit units to foster the development, promote coordinated coverage, and avoid duplication.

Required:
Explain the five criteria employed by the external auditors to assess the likely effectiveness and relevance of the internal audit functions and five areas where the internal audit functions can be of assistance to the external audit.

Answer

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Tags: Audit Effectiveness, External audit, Internal Audit, Public Sector
Level: Level 2

Topic: Public sector audit
Series: NOV 2020

AA – Nov 2020 – L2 – Q4 – Internal Audits

Differentiate between internal and external audit, list internal auditors' activities, justify the need for internal audits, and explain measures to protect auditor independence.

Question

Range Nigeria Limited is a large private company, with a financial year end of March 31, 2020, and has been an audit client of your firm for several years. The board of directors has asked your firm if they would be able to provide internal audit services to the company.

Required:
a. Differentiate between internal and external audits. (6 Marks)
b. List the activities of internal auditors. (4 Marks)
c. Justify the need for internal audits. (4 Marks)
d. Explain the measures that can be taken to protect the independence of auditors, given that auditors are expected to be independent, including internal audit. (6 Marks)

Answer

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Tags: External audit, Independence, Internal Audit
Level: Level 2

Topic: Internal Audits
Series: NOV 2020

AA – Nov 2017 – L2 – Q2a – Internal Audit and Its Relationship with External Audit

Compare and contrast the roles of internal auditors and external auditors.

Question

Internal audit is a function established by management to assist in corporate governance by assessing internal controls and helping in risk management. It can be a department of employees or outsourced to expert service providers.

Internal auditing is different from external auditing, although the techniques used by both are very similar. While the technique used may be similar, the focus and reasons behind the audit are different.

Required:
Compare and contrast the roles of internal auditors and external auditors.

Answer

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Tags: Audit Roles, Corporate Governance, External audit, Internal Audit, Risk Management
Level: Level 2

Topic: Internal Audit and Its Relationship with External Audit
Series: NOV 2017

AA – May 2016 – L2 – Q3d – Audit and Assurance Evidence

This question discusses the criteria that external auditors should consider when deciding whether to place reliance on the work performed by internal auditors.

Question

(d) ISA 610 using the work of internal auditors provides guidance to external auditors on the use of internal audit work.

Required:
List and explain the various criteria that should be considered by external auditors when assessing whether to take reliance from work performed by internal audit.

(4 marks)

Answer

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Tags: Audit evidence, Audit Standards, External audit, Internal Audit, Reliance on Audit Work
Level: Level 2

Topic: Audit and Assurance Evidence
Series: MAY 2016

AA – May 2016 – L2 – Q3c – Professional and Ethical Considerations

This question explores the different responsibilities of internal and external auditors in the prevention, detection, and reporting of fraud and error.

Question

(c) There are similarities and differences between the responsibilities of internal and external auditors. Both internal and external auditors have responsibilities relating to the prevention, detection, and reporting of fraud, for example, but their responsibilities are not the same.

Required:
Explain the difference between the responsibilities of internal auditors and external auditors for the prevention, detection, and reporting of fraud and error. (6 marks)

Answer

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Tags: Audit Responsibilities, External audit, Fraud Detection, Fraud Prevention, Internal Audit, Reporting Fraud
Level: Level 2

Topic: Professional and Ethical Considerations
Series: MAY 2016

AA – May 2016 – L2 – Q3b – Institutional Regulation and Standard-Setting

This question explains how an audit committee benefits both external and internal auditors by enhancing communication, independence, and oversight.

Question

(b) Businesses may establish an audit committee to help improve corporate governance within a company. This can provide benefits to both internal and external auditors.

Required:
Explain how an audit committee can benefit both the external auditors and the internal auditors of an entity. (4 marks)

Answer

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Tags: Audit Committees, Communication, Corporate Governance, External audit, Independence, Internal Audit, Risk Management
Level: Level 2

Topic: Institutional Regulation and Standard Setting
Series: MAY 2016

AA – May 2017 – L2 – Q1a – Introduction to Audit and Assurance Engagements

Explanation of the purpose and role of external audit in large companies.

Question

You are the audit manager of an audit firm where the purpose of an external audit and its role are not well understood. You have been asked to write some material for inclusion in your firm’s training materials dealing with these issues in the audit of large companies.
Required: In your paper, explain the purpose of an external audit and its role in the audit of large companies, for inclusion in your firm’s training materials.

Answer

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Tags: Assurance, External audit, Financial Statements, Large Companies
Level: Level 2

Topic: Introduction to Audit and Assurance Engagements
Series: MAY 2017

AA – Nov 2021 – L2 – Q1a – Internal Audit and its Relationship with External Audit

Explains two advantages and three disadvantages of outsourcing an internal audit function to an external company.

Question

Traditionally, internal audit work is undertaken mainly by in-house teams. However, in recent times many organizations outsource either completely or partially their internal audit function. Kofi Krakye, the Financial Controller of BHB Ltd, has advised management to consider outsourcing their internal audit function to FPP Ltd.

Required:
Explain TWO (2) advantages and THREE (3) disadvantages of outsourcing the internal audit function to FPP Ltd.
(5 marks)

Answer

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Tags: Advantages, Conflict of Interest, Continuity, Cost, Disadvantages, External audit, Internal Audit, Outsourcing
Level: Level 2

Topic: Internal Audit and Its Relationship with External Audit
Series: NOV 2021

AA – Mar 2024 – L2 – Q4b – Internal Audit and Its Relationship with External Audit

Explain the differences between internal and external auditors in fraud prevention, detection, and reporting responsibilities.

Question

There are similarities and differences between the responsibilities of internal and external auditors. Both internal and external auditors have responsibilities relating to the prevention, detection, and reporting of fraud, for example, but their responsibilities are not the same.

Required:
In reference to the statement above, explain the difference between the responsibilities of internal auditors and external auditors in relation to:
i) Prevention and detection of fraud. (5 marks)
ii) Reporting of fraud. (5 marks)

Answer

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Tags: External audit, Fraud Detection, Fraud Prevention, Internal Audit, Reporting of Fraud
Level: Level 2

Topic: Internal Audit and Its Relationship with External Audit
Series: MAR 2024

AA – Mar 2024 – L2 – Q1a – Audit and Assurance Evidence

Ways in which management can support auditors in obtaining appropriate and sufficient audit evidence.

Question

Management of Bagabu Ltd has a filing system that is largely manual. Their external auditors have expressed concern about how to obtain appropriate and sufficient evidence to support their opinion.
Required:
State FIVE (5) ways management of Bagabu Ltd can support the auditors to obtain appropriate and sufficient audit evidence to support their opinion.

Answer

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Tags: Audit evidence, Audit opinion, External audit, Financial Statements, Internal Controls
Level: Level 2

Topic: Audit and Assurance Evidence
Series: MAR 2024

CSEG – Nov 2018 – L2 – Q3 – Corporate governance framework | Internal control and audit

Discuss the role and responsibilities of the audit committee in relation to external audit and internal controls, and suggest changes to address internal control failures.

Question

ABB Bank Ltd (ABB Ltd) is a listed company. It has been given a substantial fine by the Central Bank for serious breaches of the banking regulations and, in the same month, the bank reported that it had suffered large losses because of unauthorized dealings in financial derivatives by a manager in its treasury department. The company’s reported profits for the previous financial year were overstated because of these losses.

The chairman of the audit committee of ABB Ltd has resigned, accepting responsibility for failures by the committee. A newly-appointed director has been made chairman of the audit committee. He has called a meeting with you, the Finance Director. The purpose of the meeting is to review financial reporting and internal control, with a view to making recommendations to the board. ABB Ltd does not have a strong internal audit function, and the company has been using the same firm of external auditors since it acquired its listing 8 years ago.

Required:

a) Explain the role and responsibilities of the audit committee of ABB Ltd with regards to:

i) The external audit of the company’s financial statements; and (6 marks)

ii) The internal control system and internal audit function. (6 marks)

b) In relation to the possible failures in internal controls that have occurred, suggest FOUR (4) changes that might be recommended to the board at the next board meeting. (8 marks)

Answer

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Tags: Audit Committee, External audit, Financial Reporting, Fraud, Governance, Internal Audit, Internal Control
Level: Level 2

Topic: Corporate governance framework, Internal control and audit
Series: NOV 2018

Question Tag: External audit

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AA – Nov 2024 – L2 – Q3a – Management’s Expert and Audit Evidence

Explain the term "management’s expert" and four factors to consider before relying on their work as audit evidence.

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AAA – May 2017 – L3 – Q3c – Internal Audit and Corporate Governance

Provide examples of internal audit reports used by external auditors.

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AAA – May 2017 – L3 – Q3a – Internal Audit and Corporate Governance

Develop a presentation comparing the roles, independence, and responsibilities of external and internal auditors.

Required:

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AAA – May 2023 – L3 – Q4 – Assurance Engagements

Differentiate between due diligence and audit reports, discuss key items for due diligence, evaluate professional firm benefits, and highlight the due diligence report format.

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AAA – Nov 2023 – L3 – SC – Q6 – Internal Audit and Corporate Governance

Discusses control activities for Reliable Ltd and external auditor responsibilities in light of control gaps and bank requirements.

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AA – Nov 2014 – L2 – Q4 – Fraud and Error

Describe how internal and external auditors handle fraud and error risks, and evaluate specific fraud risks at Rock Holidays.

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CSME – May 2022 – L2 – SB – Q2 – Risk Management and Corporate Strategy

Advise on risk management for a supermarket chain facing security challenges and new regulations.

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AA – Nov 2016 – L2 – Q1 – Internal Audits

This question addresses internal audit functions, the differences between internal and external auditors, outsourcing internal audit, and risk categories considered by internal auditors.

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AA – Nov 2019 – L2 – Q1 – Introduction to Auditing

Discuss the objectives of external audit services, eligibility for external auditors, rights and duties of external auditors, and management responsibilities.

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PSAF – Nov 2020 – L2 – Q2a – Public Sector Audit

Discuss the external auditors' reliance on internal audit functions and reasons for rising public expenditure.

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AA – Nov 2020 – L2 – Q4 – Internal Audits

Differentiate between internal and external audit, list internal auditors' activities, justify the need for internal audits, and explain measures to protect auditor independence.

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AA – Nov 2017 – L2 – Q2a – Internal Audit and Its Relationship with External Audit

Compare and contrast the roles of internal auditors and external auditors.

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AA – May 2016 – L2 – Q3d – Audit and Assurance Evidence

This question discusses the criteria that external auditors should consider when deciding whether to place reliance on the work performed by internal auditors.

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AA – May 2016 – L2 – Q3c – Professional and Ethical Considerations

This question explores the different responsibilities of internal and external auditors in the prevention, detection, and reporting of fraud and error.

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AA – May 2016 – L2 – Q3b – Institutional Regulation and Standard-Setting

This question explains how an audit committee benefits both external and internal auditors by enhancing communication, independence, and oversight.

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AA – May 2017 – L2 – Q1a – Introduction to Audit and Assurance Engagements

Explanation of the purpose and role of external audit in large companies.

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AA – Nov 2021 – L2 – Q1a – Internal Audit and its Relationship with External Audit

Explains two advantages and three disadvantages of outsourcing an internal audit function to an external company.

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AA – Mar 2024 – L2 – Q4b – Internal Audit and Its Relationship with External Audit

Explain the differences between internal and external auditors in fraud prevention, detection, and reporting responsibilities.

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AA – Mar 2024 – L2 – Q1a – Audit and Assurance Evidence

Ways in which management can support auditors in obtaining appropriate and sufficient audit evidence.

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CSEG – Nov 2018 – L2 – Q3 – Corporate governance framework | Internal control and audit

Discuss the role and responsibilities of the audit committee in relation to external audit and internal controls, and suggest changes to address internal control failures.

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