Week 6 - Benefits of Relying on Internal Audit Work

Question 1

What is the first benefit of relying on internal audit work?

Answer 1

Builds the internal audit outputs to inform their own audit plan

Question 2

What is the second benefit of relying on internal audit work?

Answer 2

Determine which areas of their own audit risk to focus on

Question 3

What is the third benefit of relying on internal audit work?

Answer 3

Assess any efficiencies which may arise, and consider the impact on the audit fee