• It contributes to improvement of quality of financial statements and credibility of the financial
reporting process.
• Assists the directors meeting the responsibilities in respect to financial reporting.
• Strengthens independence position of the external auditor by providing additional channel
of communication.
• Promotes effectiveness of internal audit function by ensuring that the function has authority
and resources t carry out its responsibilities and also ensures its recommendations to the
management are implemented.
• Increases public confidence in credibility and objectivity of published financial information
including audited interim financial statements.
• Improves communication between directors, the eternal auditor and the management.
Wilfykil answered the question on April 11, 2019 at 09:47
- What is the relationship between the audit committee and the board of directors?(Solved)
What is the relationship between the audit committee and the board of directors?
Date posted: April 11, 2019. Answers (1)
- What is the relationship between the audit committee and the internal audit function?(Solved)
What is the relationship between the audit committee and the internal audit function?
Date posted: April 11, 2019. Answers (1)
- Which are the attributes of audit committee members?(Solved)
Which are the attributes of audit committee members?
Date posted: April 11, 2019. Answers (1)
- What are the objectives of the audit committee?(Solved)
What are the objectives of the audit committee?
Date posted: April 11, 2019. Answers (1)
- Which are the principles of good corporate governance?(Solved)
Which are the principles of good corporate governance?
Date posted: April 11, 2019. Answers (1)
- Discuss what the resignation letter of an auditor must contain(Solved)
Discuss what the resignation letter of an auditor must contain
Date posted: April 11, 2019. Answers (1)
- Give situations where the auditor’s independence may be impaired.(Solved)
Give situations where the auditor’s independence may be impaired.
Date posted: April 11, 2019. Answers (1)
- Discuss Professional Ethics in auditing(Solved)
Discuss Professional Ethics in auditing
Date posted: April 11, 2019. Answers (1)
- Which categories does auditor’s liability fall under?(Solved)
Which categories does auditor’s liability fall under?
Date posted: April 11, 2019. Answers (1)
- Discuss criminal law and the auditor(Solved)
Discuss criminal law and the auditor
Date posted: April 11, 2019. Answers (1)
- Define International Standards on Auditing(Solved)
Define International Standards on Auditing
Date posted: April 11, 2019. Answers (1)
- List the properties of a statutory audit that are different from a private audit.(Solved)
List the properties of a statutory audit that are different from a private audit.
Date posted: April 11, 2019. Answers (1)
- Discuss the Assertion Methodology(Solved)
Discuss the Assertion Methodology
Date posted: April 11, 2019. Answers (1)
- When will financial statements present a true and fair view?(Solved)
When will financial statements present a true and fair view?
Date posted: April 11, 2019. Answers (1)
- What do auditors consider before appropriately testing whether an item is material or not?(Solved)
What do auditors consider before appropriately testing whether an item is material or not?
Date posted: April 11, 2019. Answers (1)
- Which are the factors necessitating growth in Internal Audit?(Solved)
Which are the factors necessitating growth in Internal Audit?
Date posted: April 11, 2019. Answers (1)
- Which are the limitations of an Internal Audit?(Solved)
Which are the limitations of an Internal Audit?
Date posted: April 11, 2019. Answers (1)
- What are the advantages of Internal Audit function?(Solved)
What are the advantages of Internal Audit function?
Date posted: April 11, 2019. Answers (1)
- Explain on external auditor’s reliance on work of internal auditor(Solved)
Explain on external auditor’s reliance on work of internal auditor
Date posted: April 11, 2019. Answers (1)
- What is the Scope and Objectives of Internal audit function?(Solved)
What is the Scope and Objectives of Internal audit function?
Date posted: April 11, 2019. Answers (1)