- Elements of Internal audit :
- Should describe internal audit definition
- Broad areas of work governance, continuous process appraisal etc…
- Should detail internal audit dose not result in expression of opinion & does not involve in preparation of financials.
- Mention management is responsible for effective internal controls
- Management is responsible to provide information.
- Mention the specific responsibilities arising to internal auditor due to law or professional standards.
- Auditor should have authority to access info., records etc..
- Ownership of audit working papers lies with auditor.
- Internal audit engagement also subject to peer review
- Internal audit report shall be confidential as agreed upon.
- Mention that the internal auditor or his employees shall not be liable to audited in excess of compensation.
- Reporting: Reporting frequency and manner.
- Clear understanding of terms of payment
- Reimbursement of out of pocket expenses.
- Compliance with Standards: Audit is carried in accordance with professional standards.
- Effective Dates: As agreed upon.
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Terms of Internal Audit Engagement (SIA-8)
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