Question

Coordination of internal and external auditing can reduce the overall costs. Who is responsible for
actual coordination of internal and external auditing efforts?

Group of answer choices

a. Board.

b. Chief audit executive.

c. Management.

d. External auditor.

A chief audit executive’s performance report should:

Group of answer choices

a.List uncorrected reported conditions.

b.List the material engagement observations of major engagements.

c.Report the weekly activities of the individual internal auditors.

d.Compare engagements completed with engagements planned.

Answer 1

1) Coordination of internal and external auditing can reduce the overall costs. Chief audit executive is responsible for actual coordination of internal and external auditing efforts.CAE is the leader with certain experience in internal audit over years, he leads the internal audit activity in an organization.CAE is required to report and coordinate to senior management and the board for proper execution of audit.Coordination Helps in reducing cost and duplicacy of efforts.

2) In an organization function the role of the CAE is to develop a plan and execute it by coordinating with the senior management and board and understanding their strategies and objectives too. After understanding their expectancy and objectives CAE execute the plan and report it to the authority for comparing the outcome.The frequency of reporting is determined by the management itself.A chief audit executive’s performance report should compare engagements completed with engagements planned.

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