Evaluating the Quality of Client's Internal Audit Function

question 75

Essay

Evaluating the Quality of Client's Internal Audit Function
An external auditor has to assess the quality of the internal audit function and determine whether the internal auditors' work is relevant to the external audit and of sufficient quantity and quality regardless of how the client staffs the internal audit function.Explain?

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Definitions:

Federal Statute

A law enacted by the legislative branch of the federal government of the United States.

Agency Relationships

A legal relationship where one party, the agent, is authorized to act on behalf of another party, the principal, in business transactions.

Gratuitous Agent

An agent who acts on behalf of another without any compensation for their services.

Duty Of Loyalty

An obligation of fiduciaries to act in the best interest of the beneficiaries or the entities they serve, avoiding conflicts of interest.