ACCA AA · Chapter 3 · Question 2 of 8
Which of the following assignments would be appropriate for an internal audit function to perform?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: B) A value for money review of the procurement department
Explanation
Value for money, operational and compliance reviews are typical internal audit work. Expressing an opinion to shareholders is the external auditor's role. Designing controls and authorising transactions are management responsibilities; if internal audit performed them it would later be reviewing its own work, impairing objectivity.
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