- 10 Marks
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)
Find Related Questions by Tags, levels, etc.
- 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
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