External and Internal Audit
Auditing is a very broad topic that covers all aspects of an organization. An audit not only examines the accuracy of financial statements but also examines the effectiveness of internal controls as well as the efficiency of overall operations of the organization. To accomplish the objectives of different types of audit within an organization, the audit function is broken down into the role of internal auditor and the external auditor.
In your role as a partner in the CPA firm Dewey, Wright, and Moore, review the following information.
Dewey, Wright, and Moore has just been approached by a new client, AV Imports and Exports, a company that trades goods with various countries. You are in charge of an audit engagement. To determine whether to take on the engagement, you proceed with the overall assessment of risk.
You meet with company management, the board of directors, and the audit committee, and begin communication with the previous audit firm. You also schedule a meeting with the internal auditors to learn more about their role and function within the organization.
In preparation for your scheduled meeting, research the external and internal audit function using your textbook, online library resources, and the Internet. Complete the following:
Present the comparisons in a chart. Include a 3-5 page report summarizing and explaining the chart as well as outlining how you think Dewey, Wright, and Moore can use the services of the internal auditors as part of the overall audit the firm would provide. Give reasons for your assertions and cite your sources.
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