Question

What are the 4 IIA Standards? Who do internal auditors report to? How do they interact with external auditors?

The resource sould be provided.

Answer 1

The Institute of internal audits for professonal practices has many standards

2020 Communication and Approval

2030 Resource Management

2040 policies and procedures.

2050 Coordinations

An Internal Auditors are generally works for Goverenment, Public traded cos., and NGO's . their department is controlled by Chief Audit Executive who suppose to report the AUDIT COMMITTEE of the Board of Directors and Chief Executive Officer of the Public Traded Companies.

The Internal Audit interact with External udit in following ways:

1. The finding reports of the Internal and External auditors for risk management opinion is generally regulated.

2. The external Reporters can only acesses the financial reporting risk wheres as the Internal Auditors acess the Organisation strategic , compliance risk , senior management and Govering body . so the the report is gone through the CHief Audit Executive.

3. At times the general oopinion from the external auditors required by Internal auditors , where Internal send the Executive summery report to the eternal aand external auditor will send the copy of it to the CAE .

4. The both auditors can meet atleast once ina year to remove the duplicacy of work.

5. The CAE should attaend the meeting with the Audit Committe related to the External audit certain Plans.

6. there is a coordination between both the audiors and ca nmeet on regulalar basis depends on the issues such as financial reporting risk, or risk management .

7. Updation regarding the guidelines, ,standards or internal audit interium reports should be given to the External Auditors.