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Using The Work Of Others Practice Test
•15 QuestionsQuestion
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Q1
An issuer is audited under PCAOB standards. The audit committee requests that the external auditor use internal audit’s work extensively to reduce audit fees. Internal audit is competent but recently had high staff turnover, and several workpapers show inconsistent supervision and review. What is the most appropriate response when evaluating the internal audit function's work?
An issuer is audited under PCAOB standards. The audit committee requests that the external auditor use internal audit’s work extensively to reduce audit fees. Internal audit is competent but recently had high staff turnover, and several workpapers show inconsistent supervision and review. What is the most appropriate response when evaluating the internal audit function's work?