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PART B The internal audit activity is currently placed within the finance department of Extra Ltd . John Dlamini, the CAE, reports to the Chief
PART B
The internal audit activity is currently placed within the finance department of Extra Ltd John Dlamini, the CAE, reports to the Chief Finance Officer CFO for both functional and administrative matters.
The staff component of the internal audit activity currently consists of two employees that transferred from the Human Resource HR department. They have no qualification or experience in internal auditing but are willing to learn. One employee transferred to the internal auditing department from the creditors department, this employee has a degree in financial management with no internal auditing experience.
REQUIRED
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Based on the information in the scenario, comment on the reporting
structure of the internal audit activity in relation to organisational independence.
Explain the type of reporting preferred for organisational independence purposes according to the International Standards for the Professional Practice of Internal Auditing Standards
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