Audit functions – Knowsia

AA – L2 – SA – Q1.4 – Internal Audit Functions

Identify two effective internal audit functions.

Question

The objectives and scope of the internal audit function vary widely and depend on the structure and size of the entity plus the requirements of management. Which TWO of the following functions could internal audit perform and still operate effectively? A Examining financial and operational information for management B Reviewing accounting systems and related controls C Approving annual budgets D Preparing reconciliations between the receivables ledger control account and the receivables ledger

Answer

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Tags: Audit functions, Controls, ICAG, Internal Audit, Management
Level: Level 2

Topic: Internal Audit and Its Relationship with External Audit

AAA – L3 – Q41 – Internal and External Audit

Explain differences between internal and external audit and discuss outsourcing internal audit to external auditors.

Question

Required
(a) Explain the difference between the internal and external audit functions.
(b) List the advantages and disadvantages of a company outsourcing its internal audit function to its external auditors.

Answer

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Tags: Audit functions, External Audit, Internal Audit, Outsourcing, Professional responsibilities
Level: Level 3

Topic: Internal Audit and Outsourcing

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AA – L2 – SA – Q1.4 – Internal Audit Functions

Identify two effective internal audit functions.

AAA – L3 – Q41 – Internal and External Audit

Explain differences between internal and external audit and discuss outsourcing internal audit to external auditors.

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Tag (SQ): Audit functions

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AA – L2 – SA – Q1.4 – Internal Audit Functions

Identify two effective internal audit functions.

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AAA – L3 – Q41 – Internal and External Audit

Explain differences between internal and external audit and discuss outsourcing internal audit to external auditors.

You're reporting an error for "AAA – L3 – Q41 – Internal and External Audit"

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