Week 6 - Benefits of Relying on IA Work Flashcards
1
Q
What is the first benefit of relying on internal audit work for an external auditor?
A
The external auditor can build the internal audit outputs to inform their own audit plan
2
Q
What is the second benefit of relying on internal audit work for an external auditor?
A
The external auditor can determine which areas of their own audit work to focus on
3
Q
What is the third benefit of relying on internal audit work for an external auditor?
A
The external auditor can assess any efficiencies which may arise, and consider the impact on the (lowered) audit fee
