Question 4 There are various types of auditors who have a variety of skills to conduct audits that are different in nature. Each of the different types of auditors share one characteristic in common, which is independence, as any audit conducted without a degree of independence from the entity being audited will make the results and assurance provided by the auditor ‘worthless’. What are the 5 types of auditors and their functions? Provide relevant examples to support your answer
Question 4
There are various types of auditors who have a variety of skills to conduct audits that are different in nature. Each of the
different types of auditors share one characteristic in common, which is independence, as any audit conducted without a
degree of independence from the entity being audited will make the results and assurance provided by the auditor
‘worthless’. What are the 5 types of auditors and their functions? Provide relevant examples to support your answer
Question 5
The control environment includes the governance and management function of an organisation. It focuses largely on the
attitude, awareness and actions of those responsible for designing, implementing and monitoring internal controls. One of
the main requirements in planning an audit is to study and evaluate the existing internal controls so as to define the tests to
be applied to the entity being audited. Internal Control is a process, affected by an entity’s board of directors, management
and other personnel, designed to provide reasonable assurance regarding the achievement of objectives in the following
categories:
Compliance with applicable laws and regulations
Effectiveness and Efficiency of operations
Reliability of financial reporting
You are required to discuss the components of internal controls that are integrated with managements processes.
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