Internal and External Auditors Coordination Quiz

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Coordinating internal and external audit activities can increase efficiency by using which of the following?

Similar techniques, methods, and terminology (correct)

Dissimilar techniques

Similar methods

Different terminology

Who has primary responsibility for providing information to the board on the benefits of coordinating internal audit activities?

The external auditor

The chief audit executive (correct)

The chief executive officer

Each assurance and consulting function

What is the primary goal of coordinating internal and external audit activities?

To increase audit costs

To increase audit complexity

To ensure proper coverage and minimize duplication of efforts (correct)

To reduce audit efficiency

What is a benefit of using similar techniques in internal and external audit activities?

Increased reliance on the work of one another Signup and view all the answers

What is the role of the chief audit executive in coordinating internal and external audit activities?

To share information and coordinate activities with other internal and external providers of assurance and consulting services Signup and view all the answers

What is a result of coordinating internal and external audit activities?

Improved audit coverage Signup and view all the answers

What is a primary objective of coordinating internal and external audit activities?

To ensure efficient and timely completion of audit activities Signup and view all the answers

How can internal auditors improve their efficiency?

By relying on the work of external auditors if it is coordinated with internal auditing work Signup and view all the answers

What is a technique for coordinating internal and external audit activities?

Providing external auditors with access to internal audit communications Signup and view all the answers

What is the primary purpose of the audit committee in relation to the internal audit activity?

To protect the independence of the internal audit activity Signup and view all the answers

Who is responsible for coordinating internal and external audit work?

The Chief Audit Executive (CAE) Signup and view all the answers

What does the audit committee oversee in relation to the internal audit activity?

The implementation of corrective action for deficiencies Signup and view all the answers

What is a potential benefit of coordinating internal and external audit activities?

Improved audit efficiency and effectiveness Signup and view all the answers

What is a benefit of the audit committee to the internal audit activity?

Protection of internal auditor independence Signup and view all the answers

What is a possible outcome of not coordinating internal and external audit activities?

Increased duplication of effort Signup and view all the answers

Who is responsible for following up on recommendations made by the Chief Audit Executive (CAE)?

The audit committee Signup and view all the answers

What is a responsibility of the Chief Audit Executive (CAE)?

Making recommendations for corrective action Signup and view all the answers

What is a benefit of coordinating internal and external audit activities through the audit committee?

Improving auditor independence and objectivity Signup and view all the answers

Internal and External Auditors Coordination Quiz

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