18 Questions
Coordinating internal and external audit activities can increase efficiency by using which of the following?
Similar techniques, methods, and terminology
Who has primary responsibility for providing information to the board on the benefits of coordinating internal audit activities?
The chief audit executive
What is the primary goal of coordinating internal and external audit activities?
To ensure proper coverage and minimize duplication of efforts
What is a benefit of using similar techniques in internal and external audit activities?
Increased reliance on the work of one another
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
What is a result of coordinating internal and external audit activities?
Improved audit coverage
What is a primary objective of coordinating internal and external audit activities?
To ensure efficient and timely completion of audit activities
How can internal auditors improve their efficiency?
By relying on the work of external auditors if it is coordinated with internal auditing work
What is a technique for coordinating internal and external audit activities?
Providing external auditors with access to internal audit communications
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
Who is responsible for coordinating internal and external audit work?
The Chief Audit Executive (CAE)
What does the audit committee oversee in relation to the internal audit activity?
The implementation of corrective action for deficiencies
What is a potential benefit of coordinating internal and external audit activities?
Improved audit efficiency and effectiveness
What is a benefit of the audit committee to the internal audit activity?
Protection of internal auditor independence
What is a possible outcome of not coordinating internal and external audit activities?
Increased duplication of effort
Who is responsible for following up on recommendations made by the Chief Audit Executive (CAE)?
The audit committee
What is a responsibility of the Chief Audit Executive (CAE)?
Making recommendations for corrective action
What is a benefit of coordinating internal and external audit activities through the audit committee?
Improving auditor independence and objectivity
Test your knowledge on how internal and external auditors can increase efficiency by coordinating their activities. This quiz focuses on the importance of using similar techniques, methods, and terminology to work effectively together.
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