a Day's Wait

USING THE WORK OF INTERNAL AUDITORS
analyseing standards define native size uping as an appraisal activity established within an entity as a service to the entity. Its functions include:
Examining,
evaluating, and
monitoring the adequacy and effectiveness of the account statement and internal control systems.

Relationship Between the indwelling Audit Function and the External Auditor

The foreign attendants primeval concern is whether the financial statements are free from material misstatements. However, the manipulation of the internal audit function is determined by worry or those charged with governance, and its objectives differ from those of the remote auditor who is found to report independently on the financial statements. The internal audit functions objectives vary according to management or those charged with governances requirements.

Nevertheless, certain aspects of internal auditing maybe useful in determining the nature, timing and extent of the external audit procedures. Before relying on the work of internal auditors, the external auditors must evaluate the internal auditors objectivity and competence.

Scope and Objectives of the Internal Audit Function

1. Monitoring internal control

2. Examination of financial and run information
3.



Review of the economy, efficiency and effectiveness of operating activities
4. Review of conformity with laws, regulations and other external requirements
Obtaining an Understanding of the Internal Audit Function
The judgement obtained by the auditor shall include an understanding of the:
1. Organizational situation of the internal audit function

2. Scope of the internal audit function

homework to Use the Work of the Internal Audit Function
When the external auditor is planning to use the work of the internal audit function, the external auditor shall evaluate:
1. The objectivity and technical competence of members of the internal audit function.
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