Week 6 - Consider Planned Internal Audit Work Flashcards
(4 cards)
1
Q
What are the first three things to consider about planned internal audit work?
A
- when is it to be undertaken
- scope of the work
- approach to risk
2
Q
What are the second three things to consider about planned internal audit work?
A
- use of sampling techniques, materiality levels (if any) and key judgements
- how good is the corroboratory evidence
- how will the work be documented
3
Q
What are the final three things to consider about planned internal audit work?
A
- how will the work be supervised and reviewed
- how are any outstanding issues resolved
- reports produced, how are recommendations made
4
Q
Why is external auditors being able to rely on internal audit work good for the client?
A
If the external auditors need to do less work, the client can pay them less
