Topic: Internal Audit and Its Relationship with External Audit

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AA – Nov 2024 – L2 – Q2b – Advantages of Outsourcing Internal Audit

Explain the advantages and disadvantages of outsourcing the internal audit function.

Question

As organisations look for ways to cut costs, the idea of outsourcing internal audit work goes on the agenda. While outsourcing may be appealing in theory, there are good reasons to keep internal audit in-house.

Required:
i) State TWO advantages of outsourcing the internal audit function.
ii) State THREE disadvantages of outsourcing the internal audit function.

Answer

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Tags: Audit Function, Business Strategy, Cost Management, Internal Audit, Outsourcing, Risk Management
Level: Level 2

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

AA – July 2023 – L2 – Q4b – Internal Audit and Its Relationship with External Audit, Public Sector Auditing

Short notes on value for money audit and best value audit in public sector auditing.

Question

b) Modern approach to Internal Auditing has broadened the scope of the function of the Internal Audit. The focus has shifted from pure financial audit to cover other important areas of operation. These include performance audit, Value for Money audit, and performance information audit.

Required:
Write short notes on the following:
i) Value for money audit. (5 marks)
ii) Best value audit. (5 marks)

Answer

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Tags: Best Value Audit, Performance Audits, Public Sector, Value for Money Audit
Level: Level 2

Topic: Internal Audit and Its Relationship with External Audit, Public Sector Auditing
Series: JULY 2023

AA – Nov 2023 – L2 – Q4d – Internal Audit and Its Relationship with External Audit

This question identifies measures to ensure the independence of the internal auditor.

Question

The independence of an internal auditor can be challenging, especially if he or she is a full-time employee, as compared to the external auditor who is not an officer of the company. For that matter, companies try to ensure the independence of the internal auditor through various methods.

Required:
Identify and explain FIVE (5) measures that can be put in place to ensure the independence of the internal auditor.
(10 marks)

Answer

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Tags: Audit Committee, Corporate Governance, Independence, Internal Audit
Level: Level 2

Topic: Internal Audit and Its Relationship with External Audit
Series: NOV 2023

AA – Mar 2023 – L2 – Q4b – Internal Audit and Its Relationship with External Audit

Explain the functions of the Internal Audit Agency (IAA) and how it facilitates the work of internal auditors in MDAs and MMDAs.

Question

The Internal Audit Agency (IAA) of Ghana was established by the Internal Audit Agency Act 2003 (Act 658) to act as an apex oversight body for Internal Audit units working with MDAs and MMDAs. Although the Internal Audit Agency plays an important role in the country’s economy, very little is known about their operations.

Required:
As an Internal Auditor who wants to bridge this knowledge gap:
i) Explain the functions of the Internal Audit Agency (IAA). (7 marks)
ii) Explain how the IAA facilitates the work of internal auditors in MDAs and MMDAs. (3 marks)

Answer

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Tags: IAA Act, Internal Audit, MDAs, MMDAs, Public Sector Auditing
Level: Level 2

Topic: Internal Audit and Its Relationship with External Audit
Series: MAR 2023

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 – Nov 2020 – L2 – Q4b – Internal Audit and Its Relationship with External Audit

Discuss the role of internal audit in corporate governance and risk management.

Question

You have responded to an advertisement by a reputable company for the appointment of an internal auditor. You realized the need to prepare well for the interview.

Required:
In anticipation of the questions you may be asked at the interview, discuss the role of internal audit in corporate governance and risk management.
(10 marks)

Answer

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Tags: Audit Role, Corporate Governance, Internal Audit, Internal Controls, Risk Management
Level: Level 2

Topic: Internal Audit and Its Relationship with External Audit
Series: MAY 2016

AA – Dec 2022 – L2 – Q2a – Internal Audit and Its Relationship with External Audit

Describes the five key roles external auditors play in corporate governance to ensure the transparency and reliability of financial statements.

Question

External Auditors play a key role in the corporate governance framework. They conduct one of the most important corporate governance checks that help to monitor management’s activities. The audit of financial statements makes disclosures more reliable, thus increasing confidence in the company’s transparency.

Required:
Explain FIVE (5) roles that External Auditors play in Corporate Governance.

Answer

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Tags: Audit Role, Corporate Governance, External Auditors, Financial Statements, Governance, ISA, Management
Level: Level 2

Topic: Internal Audit and Its Relationship with External Audit
Series: DEC 2022

AA – May 2017 – L2 – Q2b – Internal Audit and Its Relationship with External Audit

Distinction between internal audit and internal check.

Question

Distinguish between internal audit and internal check.

Answer

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Tags: Financial Control, Fraud Detection, Fraud Prevention, Internal Audit, Internal Check

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

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

Explanation of the role of internal audit in risk management.

Question

Explain the role of Internal Audit in relation to risk management in an organization.

Answer

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Tags: Corporate Governance, Internal Audit, Internal Controls, Risk Management, Risk Mitigation
Level: Level 2

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

AA – Nov 2016 – L2 – Q2d – Internal Audit and Its Relationship with External Audit

Compare and contrast the roles of internal and external auditors.

Question

Compare and contrast the role of internal auditors and external auditors. (4 marks)

Answer

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Tags: Comparison, External Auditors, Internal Auditors
Level: Level 2

Topic: Internal Audit and Its Relationship with External Audit
Series: NOV 2016

AA – Nov 2024 – L2 – Q2b – Advantages of Outsourcing Internal Audit

Explain the advantages and disadvantages of outsourcing the internal audit function.

Question

Required:
i) State TWO advantages of outsourcing the internal audit function.
ii) State THREE disadvantages of outsourcing the internal audit function.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Function, Business Strategy, Cost Management, Internal Audit, Outsourcing, Risk Management
Level: Level 2

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

AA – July 2023 – L2 – Q4b – Internal Audit and Its Relationship with External Audit, Public Sector Auditing

Short notes on value for money audit and best value audit in public sector auditing.

Question

Required:
Write short notes on the following:
i) Value for money audit. (5 marks)
ii) Best value audit. (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Best Value Audit, Performance Audits, Public Sector, Value for Money Audit
Level: Level 2

Topic: Internal Audit and Its Relationship with External Audit, Public Sector Auditing
Series: JULY 2023

AA – Nov 2023 – L2 – Q4d – Internal Audit and Its Relationship with External Audit

This question identifies measures to ensure the independence of the internal auditor.

Question

Required:
Identify and explain FIVE (5) measures that can be put in place to ensure the independence of the internal auditor.
(10 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Committee, Corporate Governance, Independence, Internal Audit
Level: Level 2

Topic: Internal Audit and Its Relationship with External Audit
Series: NOV 2023

AA – Mar 2023 – L2 – Q4b – Internal Audit and Its Relationship with External Audit

Explain the functions of the Internal Audit Agency (IAA) and how it facilitates the work of internal auditors in MDAs and MMDAs.

Question

Answer

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Tags: IAA Act, Internal Audit, MDAs, MMDAs, Public Sector Auditing
Level: Level 2

Topic: Internal Audit and Its Relationship with External Audit
Series: MAR 2023

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

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 – Nov 2020 – L2 – Q4b – Internal Audit and Its Relationship with External Audit

Discuss the role of internal audit in corporate governance and risk management.

Question

You have responded to an advertisement by a reputable company for the appointment of an internal auditor. You realized the need to prepare well for the interview.

Required:
In anticipation of the questions you may be asked at the interview, discuss the role of internal audit in corporate governance and risk management.
(10 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Role, Corporate Governance, Internal Audit, Internal Controls, Risk Management
Level: Level 2

Topic: Internal Audit and Its Relationship with External Audit
Series: MAY 2016

AA – Dec 2022 – L2 – Q2a – Internal Audit and Its Relationship with External Audit

Describes the five key roles external auditors play in corporate governance to ensure the transparency and reliability of financial statements.

Question

Required:
Explain FIVE (5) roles that External Auditors play in Corporate Governance.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Role, Corporate Governance, External Auditors, Financial Statements, Governance, ISA, Management
Level: Level 2

Topic: Internal Audit and Its Relationship with External Audit
Series: DEC 2022

AA – May 2017 – L2 – Q2b – Internal Audit and Its Relationship with External Audit

Distinction between internal audit and internal check.

Question

Distinguish between internal audit and internal check.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Financial Control, Fraud Detection, Fraud Prevention, Internal Audit, Internal Check

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

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

Explanation of the role of internal audit in risk management.

Question

Explain the role of Internal Audit in relation to risk management in an organization.

Answer

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Tags: Corporate Governance, Internal Audit, Internal Controls, Risk Management, Risk Mitigation
Level: Level 2

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

AA – Nov 2016 – L2 – Q2d – Internal Audit and Its Relationship with External Audit

Compare and contrast the roles of internal and external auditors.

Question

Compare and contrast the role of internal auditors and external auditors. (4 marks)

Answer

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Tags: Comparison, External Auditors, Internal Auditors
Level: Level 2