Question
The role and function of internal auditors are different from the external auditors. However, they often work together on various matters. The external auditors have
The role and function of internal auditors are different from the external auditors.
However, they often work together on various matters. The external auditors have an
obligation to adhere to rules of code of ethics as set out in the professional conduct.
Required:
(a) (i) In the auditing of the financial statements of a Limited Liability Company contrast
the objectives and scope of an internal auditor's work with that of an external
auditor. (5 marks)
(ii) Fraud should be detected by the internal and external auditors.
Discuss this statement. (4 marks)
(b) When the external auditors are evaluating and testing work carried out by internal
auditors, Explain FOUR (4) matters that should be considered in deciding if they can
rely on the internal auditors' work, to reduce their own work. (8 marks)
(c) Discuss the FOUR (4) fundamental principles of the AICPA Code of Professional
Conduct. (8 marks)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started