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INTERNAL AUDIT (Types of Audit (Post-Completion Audit, Quality Audit,…
INTERNAL AUDIT
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Scope of Internal Audit
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Review compliance with Laws, regulations or internal policies
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Review economy, efficiency & effectiveness of operations
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Outsourcing
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Disadvantages
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risk of lack of knowledge and understanding of the organisations objectives, culture or business
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pressure on the independence of the outsourced function due to for example a threat by management not to renew contract
risk of blurring of roles between internal and external audit, losing credibility for both
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Minimising these risks
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clearly agreed scope, responsibilities and reporting lines
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Performance Measures, management information and risk reporting
Controls over acceptance of internal audit contracts to ensure no impact on independence or ethical issues
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