11 Questions
What should the audit charter describe in terms of practitioners' access during an audit engagement?
Right of access to relevant information, systems, personnel, and locations
Which of the following should the audit charter specify regarding the processes to be audited?
Auditors' authority to choose the processes to audit
What is one of the key elements that the audit charter should outline about limitations?
Limitations of authority for the auditors
What is a key way in which the accountability of the audit function is demonstrated?
By reporting results of management progress on agreed-on implementations
When should the audit charter be reviewed?
Annually and when responsibilities change
What should trigger an immediate review of the audit charter?
If the enterprise mission or strategies change
Why should changes to the audit charter only be made if thoroughly justified?
To ensure consistency between documented responsibilities and actual practices
What type of information may be included in the reports demonstrating the accountability of the audit function?
Results of management progress on agreed-on implementations
How often should the audit charter be reviewed to ensure alignment with documented purpose and responsibilities?
At least annually
What should trigger an immediate review of the audit charter according to the text?
Change in enterprise mission or strategies
Why is it important for the audit charter to be communicated to executive/senior management?
To ensure they are aware of the audit function's purpose and responsibilities
Explore the details of an audit authority and charter, including the position of the audit function within an enterprise, lines of reporting, and rights of access. Learn about the right of access to relevant information, limitations of authority, and processes authorized for audit.
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