Module 6

Question 1

internal audit

Answer 1

independent
designed to add value and improve organisations operations
no qualifications required
reasonable assurance
assist all staff

Question 2

key elements of internal audit

Answer 2

independence
measures and evaluates
within organisation
integral part of framework
service to all levels of business
looks at effectiveness and efficiency of operations

Question 3

how to ensure independence

Answer 3

report to audit committee
plan approved by audit committee
audit committee appoint internal auditor
remunerating internal audit staff
not involved in operational areas