Internal control

This topic has 1 reply, 2 voices, and was last updated 7 years ago by Ken Garrett.

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February 25, 2019 at 6:40 pm #506502
vavneetb
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Internal auditors perform couple of internal audit assignments and one of them is Financial audits,Under this Whats the role of IA in financial audit?
Also,1. TOC can be performed by IA?
2. So the difference between IA and EA is that the IA is not allowed to give an opinion on FS, except this he is allowed to perform audit procedures, TOC and etc… Right?
February 25, 2019 at 8:15 pm #506510
Ken Garrett
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IA can assist EA, but not in areas requiring a lot of judgement.
EA must review IA’s work ans EA have the sole responsibility for providing the audit report.
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