The extent of reliance on the internal audit work depends upon many factors some of which include the following:
- Materiality
- Level of audit risk
- Judgment level required
- Sufficiency of complementary audit evidence
- Specialized skills of the internal auditor
In conclusion the scope and objectives of the internal auditing include the following:
- Reviewing the accounting systems and internal control systems
- Examining financial and operating information for the management
- Reviewing the economy, efficiency and effectiveness of operations and of the functioning of non financial controls
- Review and implementation of corporate policies, plans and procedures and
- Special investigations as may be needed from time to time
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