Author Question: Hanlon Corp. maintains a large internal audit staff that reports directly to the accounting ... (Read 59 times)

caca31 · **on:** Aug 21, 2022

Question 1

External financial statement auditors must obtain evidence regarding what attributes of an internal audit (IA) department if the external auditors intend to rely on IA's work?
◦ integrity
◦ objectivity
◦ competence
◦ All of these

Question 2

Hanlon Corp. maintains a large internal audit staff that reports directly to the accounting department. Audit reports prepared by the internal auditors indicate that the system is functioning as it should and that the accounting records are reliable. An independent auditor will probably
◦ eliminate tests of controls.
◦ increase the depth of the study and evaluation of administrative controls.
◦ avoid duplicating the work performed by the internal audit staff.
◦ place limited reliance on the work performed by the internal audit staff.

bigboya · **Reply #1 on:** Aug 21, 2022

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