IIA Performance Standard 2050 covers the co-ordination ofinternal and external audit and contains the...

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Accounting

IIA Performance Standard 2050 covers the co-ordination ofinternal and external audit and contains the following requirement:“the CAE should share information and coordinate activities withother internal and external providers of relevant assurance andconsulting services to ensure proper coverage and minimizeduplication of efforts.” Please discuss the ways that may be usedto foster greater co-operation.

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In coordinating activities the chief audit executive may rely on the work of other assurance and consulting service providers however CAE is still accountable and responsible for ensuring adequate support for conclusions arrived at by the internal audit activity To foster greater cooperation the CAE can meet with each of the See Answer

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In: AccountingIIA Performance Standard 2050 covers the co-ordination ofinternal and external audit and contains the following...IIA Performance Standard 2050 covers the co-ordination ofinternal and external audit and contains the following requirement:“the CAE should share information and coordinate activities withother internal and external providers of relevant assurance andconsulting services to ensure proper coverage and minimizeduplication of efforts.” Please discuss the ways that may be usedto foster greater co-operation.