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Outsourcing internal audit

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › Outsourcing internal audit

  • This topic has 1 reply, 2 voices, and was last updated 6 years ago by Kim Smith.
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  • February 7, 2019 at 4:28 am #504382
    alikhakar
    Participant
    • Topics: 187
    • Replies: 79
    • ☆☆☆

    I was reading advantages of outsourcing internal audit functionand one of the point was this ” professional firms are responsible for their activities and hold insurance”. What kind of insurance is being referred here ?

    February 7, 2019 at 6:51 am #504384
    Kim Smith
    Keymaster
    • Topics: 135
    • Replies: 8312
    • ☆☆☆☆☆

    Types of insurance is outside the scope of the AA syllabus – it’s examinable in AAA as one of the measures to restrict auditor’s professional liability. The two main types are:
    Fidelity Guarantee Insurance (FGI) against dishonesty of staff – many businesses have this.
    Professional Indemnity Insurance (PII) which pays compensation to injured parties in case of negligence.
    Both PII and FGI may be mandatory – e.g. to obtain an ACCA licence to practice.

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