Jericho CPAs are currently completing the audit of Towson Enterprises, Inc., a national distributor of...
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Jericho CPAs are currently completing the audit of Towson Enterprises, Inc., a national distributor of vehicle and other mechanical parts. Due to some unexpected circumstances, Jericho CPAs are without a number of their audit staff associates. The audit partners have convened a meeting to discuss whether it would be appropriate to rely on the work of the client's internal audit function during the absence of these staff associates. Which of the following would best represent key considerations in making this decision? Question options: A The competence of the internal audit function, and how quickly management can review the conclusions drawn by this function before forwarding the findings to the external auditor. B Whether or not the work of the internal audit function can still be constituted as billable hours on behalf of the external auditor. C The proficiency and competence of the internal audit function, and whether or not it is capable of operating independently of management and without bias. D None of these answer choices are correct.
Jericho CPAs are currently completing the audit of Towson Enterprises, Inc., a national distributor of vehicle and other mechanical parts. Due to some unexpected circumstances, Jericho CPAs are without a number of their audit staff associates. The audit partners have convened a meeting to discuss whether it would be appropriate to rely on the work of the client's internal audit function during the absence of these staff associates. Which of the following would best represent key considerations in making this decision?
Question options:
A
The competence of the internal audit function, and how quickly management can review the conclusions drawn by this function before forwarding the findings to the external auditor.
B
Whether or not the work of the internal audit function can still be constituted as billable hours on behalf of the external auditor.
C
The proficiency and competence of the internal audit function, and whether or not it is capable of operating independently of management and without bias.
D
None of these answer choices are correct.
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