Podcast
Questions and Answers
How does the use of automated working papers enhance productivity for an internal audit function?
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?
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?
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?
Why is it beneficial to choose a tool that can interact with other tools?
What is a key factor that contributes to the efficiency of implementing a tool for managing an internal audit function?
What is a key factor that contributes to the efficiency of implementing a tool for managing an internal audit function?
In what way do automated working papers help in freeing up time for audit work?
In what way do automated working papers help in freeing up time for audit work?
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.
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.
Productivity enhancements allow more time to be spent doing audit work rather than documenting, storing, and retrieving information.
Productivity enhancements allow more time to be spent doing audit work rather than documenting, storing, and retrieving information.
Automated working papers serve as a repository for evidencing compliance with professional standards and due professional care.
Automated working papers serve as a repository for evidencing compliance with professional standards and due professional care.
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.
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.
Many, if not all, of these activities can be done within the same tools that support the automated working papers and risk assessment procedures.
Many, if not all, of these activities can be done within the same tools that support the automated working papers and risk assessment procedures.
Generally, the more activities that can be done with one tool, the more efficient and cost effective it is to implement the tool.
Generally, the more activities that can be done with one tool, the more efficient and cost effective it is to implement the tool.
