A key criterion in auditing (both internal and external) is independence. In what way (s) can internal audit claim to be independent when the auditors are employed by the organization? (Some may find it easier to address the question by discussing specific behaviors/policies/practices required to achieve independence of internal audits.)

Is an organization’s internal audit function part of its system of internal controls? If your answer is yes, explain how the internal audit function can evaluate the design adequacy and operating effectiveness of internal controls and at the same time remain independent of the organization’s system of internal controls. If your answer is no, explain the internal audit function’s role relative to the organization’s system of internal controls.

The user auditor is required to obtain a sufficient understanding of the nature and significance of the services provided by the service organisation and their effect on the user entities internal control relevant to the audit. From which source(s) might this understanding be obtained? A) the user entity B) a type 1 service auditors report C) a type 2 service auditors report D) all of the above answers

Why do we consider risk assessment the foundation of the internal audit function?  To safeguard independence, many internal audit departments continue to perform risk assessments in a silo, without collaborating with and leveraging the work of ERM.  Do you agree with this approach?

Identify how each of the following statements relates to the performance principle by considering which element(s) of the principle are related to that statement. (A statement may be related to more than one element.) Use the following elements in providing your response: Reasonable assurance • Planning and supervision • Materiality ⚫ Risk assessment • Audit evidence a. Evaluating the effectiveness of the client's internal control in preventing or detecting misstatements. b. Obtaining an understanding of the client's business and industry. c. Acknowledging that the risk of failing to detect a material misstatement cannot be reduced to zero. d. Obtaining confirmations from the client's customers as to the ending balances in accounts receivable. e. Preparing a written audit plan. f. Designing audit procedures to identify misstatements that would have a significant effect on financial statement users' decisions. g. Considering the likelihood that the account balance contains a material…

Auditors must use their professional judgment_ O to distinguish if a misstatement or scope limitation is just material or pervasively material O to distinguish if a misstatement or scope limitation is just immaterial or pervasively material O to determine if the firm has the ability to pay the auditor for services rendered O in selecting the client's audit committee

Determine whether or not a person is really independent. Is it possible for auditors to be really independent while yet being regarded as such?

Explain why many people think of internal auditors as theprimary group responsible for conducting operational audits

Please i need help with answering this question for auditing assignment   Critically evaluate the reality of auditor indpendence and the arguments for and against the role of the FRC.

Why it is important to have auditing standards? Specifically, why are ethics important to the auditing profession?