Audit and internal review

QUESTION 2 a) Nana Adom Company Ltd, end its financial year on 31* December, which is traditionally a busy time Samyantwi and Associates. Nana Adom Company Ltd., currently has an internal audit department of employees but they have struggled to undertake the variety and extent of work required by the compa hence Nana Adom Company Ltd. is considering whether to recruit to expand the department or to outsou the internal audit department. If outsourced, Nana Adom Company Ltd. would require a team to undert monthly visits to test controls at the various shops across the country, and to perform ad hoc operatio reviews at shops and head office. Nana Adom Company Ltd is considering using Samyantwi and Associa to provide the internal audit services as well as remain as external auditors. Required: Discuss any SIX advantages and FOUR disadvantages to both Nana Adom Company Ltd. and Samyan and Associates for outsourcing the internal audit department functions