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(A) Crystal limited is a private limited liability Company with several branches in the United Kingdom. It provides Public relation services and has a
(A) Crystal limited is a private limited liability Company with several branches in the United Kingdom. It provides Public relation services and has a staff strength of 200. The Board of Directors of the Company comprises of a Chairman, a Chief Executive Officer, two representatives of the shareholders and two full time Executive Directors. Mr Brown a qualified Chartered Accountant oversees the Internal Audit department of the Company supported by an Accounting Technician. Required: (i) State FOUR principal objectives of establishing an internal audit department (4 Marks) (ii) Describe TWO qualities required of an internal Auditor (4 Marks) (iii) Explain FOUR fundamental differences between an internal and External Auditor (4 Marks) (iv) Should the External Auditor place reliance on the work of the internal Auditor? If so, in what way? 13 M
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