Automated Working Papers for Internal Audit
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Questions and Answers

How does the use of automated working papers enhance productivity for an internal audit function?

  • By providing a more efficient way to document, review, store, and access information. (correct)
  • By saving costs for the organization.
  • By automating the audit work entirely.
  • By outsourcing the audit work.
  • What is one of the benefits of using automated working papers for an internal audit function?

  • Reduction in the number of audit engagements.
  • Enhanced compliance with professional standards. (correct)
  • Increase in manual documentation.
  • Decrease in staff evaluations.
  • How does managing an internal audit function electronically contribute to efficiency?

  • Increases manual paperwork.
  • Results in non-compliance with professional standards.
  • Leads to reduced productivity.
  • Allows staff evaluations, time tracking, and audit scheduling to be done more efficiently. (correct)
  • Why is it beneficial to choose a tool that can interact with other tools?

    <p>To ensure seamless communication between different activities.</p> Signup and view all the answers

    What is a key factor that contributes to the efficiency of implementing a tool for managing an internal audit function?

    <p>The tool's capability to integrate various activities.</p> Signup and view all the answers

    In what way do automated working papers help in freeing up time for audit work?

    <p>By automating documentation, storage, and retrieval of information.</p> Signup and view all the answers

    Automated working papers by an internal audit function enhances productivity by providing a more efficient medium to document, review, store, and access information supporting audit work performed.

    <p>Audit</p> Signup and view all the answers

    Productivity enhancements allow more time to be spent doing audit work rather than documenting, storing, and retrieving information.

    <p>Audit</p> Signup and view all the answers

    Automated working papers serve as a repository for evidencing compliance with professional standards and due professional care.

    <p>Compliance</p> Signup and view all the answers

    Most of the activities required when managing an internal audit function, including staff evaluations, tracking of time and expenses, and scheduling of audit engagements, can now be done electronically.

    <p>Engagements</p> Signup and view all the answers

    Many, if not all, of these activities can be done within the same tools that support the automated working papers and risk assessment procedures.

    <p>Tools</p> Signup and view all the answers

    Generally, the more activities that can be done with one tool, the more efficient and cost effective it is to implement the tool.

    <p>Tool</p> Signup and view all the answers

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