Answered: Plastic Designs Ltd manufactures and…

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter2: The Auditor’s Responsibilities Regarding Fraud And Mechanisms To Address Fraud: Regulation And Corporate Governance

Section: Chapter Questions

Problem 25RQSC

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Plastic Designs Ltd manufactures and sells plastic storage boxes and containers. The Board of Directors recently decided to establish an in-house internal audit function. Lesedi Marang was appointed as the chief audit executive (CAE). The internal audit function is placed within the finance division and the CAE reports to the chief financial officer (CFO) for both functional and administrative duties. Two (2) employees were transferred from human resource: salaries division and one (1) from procurement division to work in the internal audit function as internal auditors. All three (3) employees have degrees in financial management and no internal auditing experience Based on the scenario above, discuss whether the internal audit function is well resourced to execute its roles and responsibilities. Furthermore, indicate the relevant international standards for the professional practice of internal auditing regarding resourcing the internal audit function

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