Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Business Management Expert

Throughout audit process, internal auditors collect facts. They are supported by written or verbal evidence. Supporting documents are known as evidence, work papers, or documentations, etc.

In real world, there is no regulation regarding amount of evidence which the auditor must gather. Unlike external auditor there is no pre-set template internal auditor is needed to follow. Pictures and graphs tables - etc are permitted in internal audit reporting but not in external audit report. Verbal reporting is also permitted. All these are subject to individual company politics and VP internal audit philosophy.

On the basis of above stated statements, number of auditors argued that external auditor (CPA) has to over document their audit process in anticipation of unexpected law suit by someone, opposing to internal auditor who doesn't expect any law suit by any insider (auditee).

Additionally, if auditee accepted results and recognized them, why internal auditors must waste their time documenting audit process?

Others claim that there is no requirement to prepare audit report. A verbal presentation to top management at end of audit process will be sufficient.

Describe above stated issues concerning gathering evidence and reporting findings. Additionally, if you are Internal Audit VP and wish to set-up your company policy, prepare down the prime points that you will need your staff to adhere to.

Business Management, Management Studies

  • Category:- Business Management
  • Reference No.:- M934316

Have any Question? 


Related Questions in Business Management

Assignmentq1 advantages and limitations of portfolio

Assignment Q1. Advantages and limitations of portfolio analysis. Q2. How does mass customization support a business unit's competitive strategy? Q3. How should a corporation attempt to achieve synergy among functions and ...

After you have studied economics in the news on pp 174-175

After you have studied Economics in the News on pp. 174-175, answer the following questions. A. Why does the news article say that bond prices and interest rates move in opposite directions? Is it correct? Explain. B. Ho ...

Please provide applicable ucc sections and do not give me

Please provide applicable UCC sections, and do not give me THE CHEGG SOLUTIONS please. Aaron bought a television set for personal use from Penny. Aaron properly signed a security agreement and paid Penny $125 down, as th ...

Disscussion board ethichow would you score the basic

Disscussion Board Ethic How would you score the Basic elements described in Chapter 8 (i.e. Hiring and Work Assignments, Performance Evaluation, Discipline, Terminations). Which score higher? Which score lower and what c ...

Select any service organizationwith which you are familiar

Select any service organizationwith which you are familiar. Write a paper about it with the following sections: Introduction- Give a brief overview of the company including its services, location & history. Product- Desc ...

Assignment competition- market research manager

ASSIGNMENT: Competition- Market Research Manager Analysis Note: While representative of possible situations faced by Target & Walmart, all scenarios in this assignment are fictional. Real Business As you learned this wee ...

A new york mets second baseman took two days off to be with

A New York Mets second baseman took two days off to be with his husband as their surrogate mother gave birth to their first child. As a result of those days off, he missed the opening-day game with the Washington Nationa ...

Discusionproperly planning and executing a project can mean

Discusion Properly planning and executing a project can mean the difference in success or failure and hundreds of millions of dollars in the balance sheet for an enterprise. Chapter 13 of the course textbook points out t ...

Assignmentyou own university heights apartments a business

Assignment You own University Heights Apartments, a business that rents primarily to students. One evening, your tenant Sharon is attacked by an intruder who forces the lock on the sliding glass door of her ground-floor ...

Innovative long-term care services that meet the diverse

Innovative long-term care services that meet the diverse medical needs, personal desires, and lifestyle choices of older Americans have made important strides over the years. What are two of these innovations? How have t ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro