Question

In: Accounting

Compare internal audit and external audit, provide the following for each: 1.Definition 2.Purpose 3.Who is the...

Compare internal audit and external audit, provide the following for each:

1.Definition

2.Purpose

3.Who is the beneficiary of the audit work?

4.What is the relationship between auditor and auditee?

5.The qualification of the auditor

6.What is the audit work plan based upon?

7.Who does the auditor report to? Please provide the hierarchy of authority in audit reporting.

8.What is the scope of audit work? Please provide a list of items that could be included in the auditing scope.

Solutions

Expert Solution


Related Solutions

For each of the general audit procedures of (1) recalculation, (2) inspection of internal documents, (3)...
For each of the general audit procedures of (1) recalculation, (2) inspection of internal documents, (3) reperformance, and (4) analytical procedures, discuss one way the procedure could be misapplied or the auditors could be misled in such a way as to render the work (audit evidence) misleading or irrelevant.
1. Define the terms internal security threat and external security threat. Provide examples of each. 2....
1. Define the terms internal security threat and external security threat. Provide examples of each. 2. Describe the role of the HIM professional after medical identity theft has been discovered. 3. Discuss access controls such as authentication, termination of access, and remote access control. 4. Identify security threats that can occur during the electronic transmission of data. How could these be mitigated by policies and procedures? 5. Describe the role of the HIM professional in contingency planning.
Contrast and compare the role of the following: The internal auditor. The external auditor. The external...
Contrast and compare the role of the following: The internal auditor. The external auditor. The external forensic accounting consultant in an external audit. Do not use a previous posted answer.
1. What is the purpose of Accounting in Society? 2. Identify four External and four Internal...
1. What is the purpose of Accounting in Society? 2. Identify four External and four Internal users and describe how they use accounting information. 3. Describe the three basic forms of business organization and their key attributes in detail. 4. Discuss the three major business activities in organization in detail. 5. What information is reported in income statement and in balance sheet. Discuss and give examples for both.
Compare the internal and external environments of a firm.
Compare the internal and external environments of a firm.
What is the objective of an internal audit vs. external audit What is the function of...
What is the objective of an internal audit vs. external audit What is the function of the internal and external auditor Are there organization(s) providing oversight of internal and external auditors   For organizations having both internal and external audits, what is the relationship (if any) between the two group of auditors - internal auditors & external auditors What is the relationship (if any) between the internal auditor (and the external auditor) and management Who does the auditors (internal auditor &...
Compare and contrast the differences between internal and external sources of financing. Provide examples of how...
Compare and contrast the differences between internal and external sources of financing. Provide examples of how businesses have used the different sources of funds to finance their operations or strategic goals.
Compare and contrast the differences between internal and external sources of financing. Provide examples of how...
Compare and contrast the differences between internal and external sources of financing. Provide examples of how businesses have used the different sources of funds to finance their operations or strategic goals.
1. Which of the following is not a purpose of external financial reporting by governments? External...
1. Which of the following is not a purpose of external financial reporting by governments? External financial report should allow users to: A. assess financial condition B. compare actual results with the budget C. assess the ability of elected officials to effectively manage people D evaluate efficiency and effectiveness. 2. Users of government financial statements should be interested in information about compliance with laws and regulations for which of the following reasons? A to determine if the entity has complied...
Question No 3: (10 Marks) “The role of internal audit is to provide independent assurance that...
Question No 3: “The role of internal audit is to provide independent assurance that an organisation's risk management, governance and internal control processes are operating effectively” On the light of the above statement, explain what features of an internal audit department would enable the external auditor to trust on the work done by the internal auditing department? Use your own views and response to question. (300 words)
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT