Economics · Reliance on Internal Audit
Which of the following considerations is the most important for an external auditor when deciding whether or not to rely on the work performed by a client's internal audit department?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Whether the internal audit department has a comprehensive work plan scheduled until the end of the year.
- 2Whether a separate audit committee exists within the organization.
- 3Whether the work performed by the internal audit department relates to specific audit assertions over which the external auditor has concerns.✓
- 4Whether any members of the internal audit department hold a professional qualification.
Correct answer
Whether the work performed by the internal audit department relates to specific audit assertions over which the external auditor has concerns.
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