Auditing · Internal vs External Audit
Which of the following combinations correctly distinguishes between the roles of internal and external audit regarding their focus, purpose, and reporting line?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Work relating to financial statements: External; Designed to add value to operations: External; Enabling opinion on financial statements: External; Reporting to those charged with governance: Internal; Independent of management: Internal
- 2Work relating to financial statements: External; Designed to add value to operations: Internal; Enabling opinion on financial statements: Internal; Reporting to those charged with governance: Internal; Independent of management: External
- 3Work relating to financial statements: Internal; Designed to add value to operations: External; Enabling opinion on financial statements: External; Reporting to those charged with governance: Internal; Independent of management: External
- 4Work relating to financial statements: External; Designed to add value to operations: Internal; Enabling opinion on financial statements: External; Reporting to those charged with governance: Internal; Independent of management: External✓
Correct answer
Work relating to financial statements: External; Designed to add value to operations: Internal; Enabling opinion on financial statements: External; Reporting to those charged with governance: Internal; Independent of management: External
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