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If a company has an effective internal audit department,

farendrn

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If a company has an effective internal audit department,

If a company has an effective internal audit department,

▸ the internal auditors can express an opinion on the fairness of the financial statements.

▸ their work cannot be used by the external auditors per PCAOB Standard 5.

▸ it can reduce external audit costs by providing direct assistance to the external auditors.

▸ the internal auditors must be CPAs in order for the external auditors to rely on their work.

Textbook

Auditing and Assurance Services

Edition: 17^th

Authors: Arens, Elder, Beasley, Hogan

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More solutions for this book are available here

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You make an excellent tutor!

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