"it would be more cost-efficient if our internal auditors will performed all the audits. " WHAT IS THE IMPORTANCE OF HAVING INTERNAL, EXTERNAL AND GOVERNMENT AUDITORS REGARDLESS OF THE COST IT INCURRS?
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"it would be more cost-efficient if our internal auditors will performed all the audits. " WHAT IS THE IMPORTANCE OF HAVING INTERNAL, EXTERNAL AND GOVERNMENT AUDITORS REGARDLESS OF THE COST IT INCURRS?
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- In most audits of large entities, control risk assessment contributes to audit efficiency, whichmeans thata. The cost of substantive procedures will exceed the cost of control evaluation work.b. Auditors will be able to reduce the cost of substantive procedures by an amount morethan the control evaluation costs.c. The cost of control evaluation work will exceed the cost of substantive procedures.d. Auditors will be able to reduce the cost of substantive procedures by an amount less thanthe cost of tests of controlsWhy do we consider risk assessment the foundation of the internal audit function? To safeguard independence, many internal audit departments continue to perform risk assessments in a silo, without collaborating with and leveraging the work of ERM. Do you agree with this approach?How has this concept developed? How has the accounting information system and other technologies opened up the opportunity for continuous auditing? What is involved in calculating the costs and benefits of continuous auditing? What other technologies will be available to make the cost benefit of continuous auditing a reality for companies? What will this do to the future of the auditor?
- Due to the current state of the Internal Audit department of the Council, the Minister responsible for Local Government believes that outsourcing its functions instead of maintaining an IA department would yield better results and save on overhead. The lead consultant of your firm asked you to identify and explain three (3) advantages and two (2) disadvantages of outsourcing the internal audit function. Provide an alternative that may be consider ensuring greater efficiency of the internal audit function. Give two (2) advantage and (2) disadvantage that this alternative may provide.In this section, we will discuss the numerous alternatives for putting an internal audit function inside a company and the associated benefits and drawbacks for each recognized option. What are the most important considerations for building a successful internal audit function in an organization?Which of the following are common issues with benchmarking tool used by internal auditors? Benchmarking need face-to-face contact or discussion with other organizations O Benchmarking information is often proprietary and organizations are reluctant to share it with other organizations. Benchmarking can show areas of excellence within the organization but internal audits should focus on exception-based reporting O Typical metrics used in benchmarking are time, quality, and cost
- Larger firms should carefully consider their competence to take on an audit client in aspecialized industry if they have not previously worked with an audit client in the sameindustry. True or False?As IT auditors, it's critical that we establish a common "risk" language with management. Importantly, this common language should consider: a) How an IT risk may impact the organization's ability to generate revenue. b) How an IT risk may impact the customer experience. c) How an IT risk may impact the expenses and costs incurred by the organization, such as privacy legal fines for non-compliance. d) All of the aboveAt Crazy Eddie, the management team established “deceiving the auditors” as a primary strategic objective. If management spends considerable time and effort on this goal, is it possible that the auditor can still fulfill his or her mission of ensuring the financial statements are not materially misstated? If so, what steps can an auditor take to overcome these types of situations?
- To stall the rot in the public sector in Ghana, more value must be placed on the work of the internal auditors, than on the assurance works of external auditors including the Audit Services Commission’. Do you agree with this assertion? Support your answer with relevant considerations with the legal framework that governs the public sector accountabilityWhy do you think audit firms are willing to accept high-risk clients?In an attempt to reduce business costs, and given the current competitive business environment, audit tendering is sometimes used for large audits. REQUIRED Identify the advantages and disadvantages of audit tendering.
