External Auditors Should Consider the Work of Internal Auditors in Their

question 56

Essay

External auditors should consider the work of internal auditors in their assessment of control risk.
a.Are internal auditors independent of management? Explain.
b.What is the difference between the primary objective of the external auditors and that of internal auditors? Explain.
c.Discuss the factors that should be considered by the external auditors in deciding how much,if any,reliance should be placed on the work of the internal auditors.

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Definitions:

Useful Metaphors

Metaphorical expressions or comparisons that provide clarity, convey complex ideas, or facilitate understanding.

Trial

A formal examination of evidence before a judge, and typically before a jury, in order to decide guilt in a case of criminal or civil proceedings.

Collaborative Systems

Information or organizational systems designed to enable and support teamwork and cooperative working among users or participants.

Silent Treatment

A form of non-verbal communication where one refuses to engage in verbal interaction, often as a means of expressing displeasure or punishment.