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QUESTION 1 40 marks Tein Global Corp, a multinational...

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Accounting

QUESTION 1
40 marks
Tein Global Corp, a multinational company operating in over 20 countries, is
undergoing a comprehensive internal audit. The audit team is tasked with reviewing
the companys compliance with international financial reporting standards (IFRS) and
its adherence to local regulations in each of the countries it operates. The audit involves
extensive documentation, communication with various departments, and evaluation of
the companys internal controls.
a) Discuss the key stages of the internal audit process that the audit team at XYZ
Global Corp should follow to ensure a thorough and effective audit. Highlight the
importance of documentation at each stage. (20)
b) Evaluate the challenges that Tein Global Corp might face during the audit
process and propose strategies to overcome them. (20)

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