1.The internal audit function of one of your clients consists of 3 staff. The Head of Internal Audit is a former 'Big 4' audit manager with 12 years experience in the profession. He also has 4 years of internal audit experience. He reports directly to the Board and meets with external auditors on a timely basis. Since joining the firm he has spent most of his time developing audit work programs, improving internal control systems documentation of the company and reviewing any internal audit work performed by his staff.He is assisted by a new accounting graduate, and another staff member who has no accounting qualifications but has 6 years internal audit experience.<\/p>
<\/p>
Outline the main factors that would determine your reliance on the client's internal audit<\/strong> function<\/strong> ie the extent to which the internal work is adequate for the purposes of the audit.<\/p>", "transcribed_text": "", "related_book": { "title": "Auditing and Assurance Services", "isbn": "978-1259573286, 1259573281, 978-1260152166", "edition": "7th edition", "authors": "Timothy Louwers, Allen Blay, David Sinason, Jerry Strawser, Jay Thibodeau", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/1263.jpg", "uri": "\/textbooks\/auditing-and-assurance-services-7th-edition-1263", "see_more_uri": "" }, "free_related_book": { "isbn": "0857111647", "uri": "\/textbooks\/bnf-for-children-2015-2016-1st-edition-978-0857111647-265737", "name": "Bnf For Children 2015 2016", "edition": "1st Edition" }, "question_posted": "2024-06-28 04:45:16", "see_more_questions_link": "\/study-help\/questions\/business-banking-2021-September-12", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/what-is-the-difference-between-a-consumerfranchisebuilding-and-nonfranchisebuilding-promotion", "description": "What is the difference between a consumer-franchise-building and non-franchise-building promotion? Find an example of a promotional offer you believe contributes to the equity of a brand and explain...", "stars": 3 }, { "url": "\/study-help\/business-statistics-in-practice\/e-what-does-it-mean-that-the-coefficient-for-oct-1982027", "description": "=+e) What does it mean that the coefficient for Oct is the only negative coefficient in the model?", "stars": 3 }, { "url": "\/stanley-furniture-company-is-a-virginiabased-furniture-manufacturer-for-each", "description": "Stanley Furniture Company is a Virginia-based furniture manufacturer. For each of the following firstyear transactions, indicate whether net cash inflows (outflows) from operating activities (NCFO),...", "stars": 3 }, { "url": "\/study-help\/questions\/your-company-wants-to-raise-95-million-by-issuing-25-9849549", "description": "Your company wants to raise $9.5 million by issuing 25 -year zero-coupon bonds. If the yield to maturity on the bonds will be 4% (EAR), what total face value amount of bonds must you issue? The total...", "stars": 3 }, { "url": "\/study-help\/questions\/subject-design-of-machine-using-the-book-of-juvinall-118931", "description": "Subject: Design of Machine . Using the book of Juvinall, R.C., and Marshek, K.M. (2011), Fundamentals of Machine Component Design, 5th ed., John Wiley and Sons. complete the following problem....", "stars": 3 }, { "url": "\/study-help\/questions\/duncan-hines-produces-a-boxed-cake-mix-that-features-toll-2163296", "description": "Duncan Hines produces a boxed cake mix that features Toll House chocolate chips. This is an example of rebranding. Group of answer choices false true", "stars": 3 }, { "url": "\/study-help\/questions\/one-of-the-weaknesses-of-feeding-trials-is-that-the-2699132", "description": "One of the weaknesses of Feeding trials is that the diet consumption may not be quantified", "stars": 3 }, { "url": "\/study-help\/questions\/on-january-1-2025-a-new-board-of-directors-was-1642791", "description": "On January 1, 2025, a new Board of Directors was elected for Cullumber Hospital. The new board switched to a different accountant. After reviewing the hospital's books, the accountant decided that...", "stars": 3 }, { "url": "\/study-help\/questions\/mark-this-question-find-all-asymptotes-andor-holes-in-the-1004872", "description": "Mark this question Find all asymptotes and\/or holes in the graph of f(x)= 3 4x-9x 2x-x-3", "stars": 3 }, { "url": "\/study-help\/questions\/problem-3-24-points-12-points-each-for-ab-consider-1029752", "description": "Problem 3 (24 Points; 12 points each for (a)-(b)) Consider a material which has yielded according to the von Mises yield criterion with y = 40 ksi. The dilatational strain is 0.001, the Young's...", "stars": 3 } ], "next_back_navigation": { "previous": "\/study-help\/questions\/need-help-how-to-calculate-taxable-income-at-deatha-client-4242119", "next": "\/study-help\/questions\/f-4242121" }, "breadcrumbs": [ { "name": "Study help", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers" }, { "name": "Business", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers\/business" }, { "name": "Accounting", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/business-accounting" }, { "name": "1.The internal audit function of one of your clients consists of 3", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/1the-internal-audit-function-of-one-of-your-clients-consists-4242120" } ], "skill_details": { "skill_id": "9", "skill_name": "Accounting", "parent_id": "1" } } } }