Fraud and error present risks to an entity. Both internal and external auditors are required to deal with risks to the entity. However, the responsibilities of internal and external auditors in relation to the risk of fraud and error differ. Required: (a) Explain the responsibilities of the Internal Audit function in respect of the risk of fraud and error

Auditing: A Risk Based-Approach to Conducting a Quality Audit
10th Edition
ISBN:9781305080577
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter16: Advanced Topics Concerning Complex Auditing Judgments
Section: Chapter Questions
Problem 61RSCQ
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Fraud and error present risks to an entity. Both internal and external auditors are required to deal
with risks to the entity. However, the responsibilities of internal and external auditors in relation
to the risk of fraud and error differ.
Required:
(a) Explain the responsibilities of the Internal Audit function in respect of the risk of fraud
and error

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