"Audit Judgment" Please respond to the following: From the case study, evaluate the quality of REDTOP’s internal audit function....

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Accounting

"AuditJudgment" Please respond to the following:
From the case study, evaluatethe quality of REDTOP’s internal audit function. Based on yourevaluation, recommend at least two (2) changes that you would makein order to improve the quality of REDTOP’s internal auditfunction. Provide a rationale to support your response.
From the case study, give youropinion as to whether or not your external audit engagement teamcould use REDTOP’s internal audit function in another fashion, asopposed to merely relying on existing internal audits in order toperform the overall audit of REDTOP Sports Company. Recommend one(1) alternative to using the work that the internal audit hasalready yielded as part of your external audit. Provide a rationaleto support your response.

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3.6 Ratings (344 Votes)

ANSWER 1 The internal audit program of is satisfactory because the company knows the potential risk area ie existence and valuation of receivables and cut off of sales The company laid emphasis on both the factors quite impressively in their internal audit function In other words the company has established comprehensive complex and computerised See Answer

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