ACC311 - Fundamentals of Auditing _ GDB

Total Marks 2
Status Open
Question/Description
Examine the following aspects with respect to internal and external auditor:

Common interest
Similarity of methods employed
Note:

Please give your answer in about 40 words only.

The internal and external auditors should meet periodically to discuss common interests; benefit from their complementary skills, areas of expertise, and perspectives; gain understanding of each other's scope of work and methods; discuss audit coverage and scheduling to minimize redundancies; provide access to reports, programs and working papers; and jointly assess areas of risk. In fulfilling its oversight responsibilities for assurance, the board should require coordination of internal and external audit work to increase economy, efficiency, and effectiveness of the overall audit process.

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