Which of the following tasks is the auditor allowed to rely on the internal audit function for? Assessing inerent risk Determining whether a misstatement is material to the financial statements Assessing the sufficiency of evidence The auditor is not allowed to rely on the internal audit function for any of the tasks listed above FEEDBACK 0/14 (0.0%) The auditor maintains responsibility for tasks with higher levels of judgment required. The internal audit function is often relied upon to test the operational effectiveness of specific internal controls. 39 Which of the following is true regarding the role of the COSO internal control framework? It is used to provide guidance regarding best practices for designing and implementing strong systems of internal control It is used as a benchmark, or "established criteria" for the audit of internal control over financial reporting It is used as the primary source for management to establish quality control procedures All of the above are true regarding the role of the COSO internal control framework FEEDBACK 0/14 (0.0%) The COSO framework provides guidance regarding best practices for designing and implementing strong internal controls. It is used by management of most U.S public companies to establish and evaluate internal controls, and it also serves as the established criteria against which auditors perform the audit of internal control over financial reporting