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By best judging the effectiveness of system and parameters followed like random audit of the work done by Internal Audit Team, defenitely there will be a strength for the Internal Team if disqualifications as non-confirmty to the rules-or lessen/minor in nature and Fraudulant practices are not identified in previous audit reports.
The internal Team being in the form of permanent in the system, they know the firm very well and areas require much attention. This also help the external auditors to lessen their stress of Audit completion.
The External Auditor shall determine:
a)Whether the work of the Internal Auditor is likely to be adequate for purposes of the audit; andb)If so, the planned effect of the work of the Internal Auditor on the Nature Timing and Extent of the External Audit procedures.
To determine adequacy, External Auditor shall evaluate:
1) Objectivity
••The status of the IA function within the entity and the effect such status has on the ability of the IA to be objective. ••Whether the IA function reports to TCG or an officer with appropriate authority, and whether the IA have direct access to TCG. ••Whether the IA are free of any conflicting responsibilities. ••Whether TCG oversee employment decisions related to the IA function. ••Whether there are any constraints or restrictions placed on the IA function by management or TCG. ••Whether, and to what extent, management acts on the recommendations of the IA function, and how such action is evidenced.
2) Due professional care
••Whether activities of the IA function are properly planned, supervised, reviewed and documented. ••The existence and adequacy of audit manuals or other similar documents, work programs and IA documentation.
4) Technical competence
••Whether the IA are members of relevant professional bodies. ••Whether the IA have adequate technical training and proficiency as IA. ••Whether there are established policies for hiring and training IA.
5) Communication
Communication between the EA and the IA may be most effective when the IA are free to communicate openly with the EA, and:
••Meetings are held at appropriate intervals throughout the period; ••The EA is advised of and has access to relevant IA reports and is informed of any significant matters that come to the attention of the IA when such matters may affect the work of the EA; and ••The EA informs the IA of any significant matters that may affect the IA function.
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