71 paragraphs found
Many entities establish internal audit functions as part of their internal control and governance structures. The objectives and scope of an internal audit function, the nature of its responsibilities and its organisational status, including the …
The external auditor shall perform sufficient audit procedures on the body of work of the internal audit function as a whole that the external auditor plans to use to determine its adequacy for purposes of the audit, including evaluating whether: The work …
If the external auditor uses the work of the internal audit function, the external auditor shall include in the audit documentation: The evaluation of: Whether the function’s organisational status and relevant policies and procedures adequately support …
… and the Conduct of an Audit in Accordance with Australian Auditing Standards (as amended), paragraph 14 . …
The external auditor shall not use internal auditors to provide direct assistance on the external audit engagement. …
The external auditor shall, in communicating with those charged with governance an overview of the planned scope and timing of the audit in accordance with ASA 260, [7] communicate how the external auditor has planned to use the work of the internal …
In discussing the planned use of their work with the internal audit function as a basis for co-ordinating the respective activities, it may be useful to address the following: The timing of such work. The nature of the work performed. The extent of audit …
ASA 200 [24] discusses the importance of the auditor planning and performing the audit with professional scepticism, including being alert to information that brings into question the reliability of documents and responses to enquiries to be used as …
Examples of work of the internal audit function that can be used by the external auditor include the following: Testing of the operating effectiveness of controls. Substantive procedures involving limited judgement. Observations of inventory counts. …