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a) Other than auditing, outline five services that external auditors could provide to their clients. b) Discuss five functions of an internal audit department as per International...

a) Other than auditing, outline five services that external auditors could provide to their
clients.
b) Discuss five functions of an internal audit department as per International Standard on
Auditing (ISA) 610 "Using the work of Internal Auditors".

Answers

Kavungya
(a) Other services that an external auditor might provide to their clients:
- Management consultancy.
- Tax advice.
- Human resource consultancy.
- Regulatory returns
- Corporate restructuring.
- Forensic investigation.
- Risk management
- Book keeping
- Risk management
- Systems review consultancy
- Receivership

b)- Monitoring of internal control: - The internal audit function may be assigned specific
responsibilities for reviewing controls, monitoring their operation and recommending
improvements there to.
- Examination of financial and operating information: - Internal audit function may be
assigned to review the means used to identify, measure classify and report financial and
operating information.
- Review of operating activities: - The internal audit function may be assigned to review
the economy efficiency and effectiveness of operating activities.(value for money audit)
- Review of compliance with laws and regulation: - The internal audit function may be
assigned to review compliance with laws, regulations and other external requirements and
with management policies and directions and other internal requirements.
- Risk management: - Internal audit function may assist the organisation by identifying
and evaluating significant exposures to risk.
- Governance: - The internal audit function may assess the governance process in its
accomplishment of objectives on ethics and values, performance management and
accountability.
- Assists in implementing external auditors report
- Assists in special investigations e.g. frauds
- Charged with detecting and prevention of errors and frauds
- Assist external auditors in cash counts and stock counts.
Kavungya answered the question on May 14, 2019 at 11:57

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