AAF8

Syllabus C5/C6. Scope Of The Internal Audit 3 / 3

C6:
a) Discuss the scope of internal audit and the limitations of the internal audit function.
b) Explain outsourcing and the associated advantages and disadvantages of outsourcing the internal audit function.
c) Discuss the nature and purpose of internal audit assignments including value for money, IT, financial, regulatory compliance, fraud investigations and customer experience.
d) Discuss the nature and purpose of operational internal audit assignments. 
e) Describe the format and content of audit review reports and make appropriate recommendations to management and those charged with governance.

C5:
a) Discuss the factors to be taken into account when assessing the need for internal audit.
b) Discuss the elements of best practice in the structure and operations of internal audit.
c) Compare and contrast the role of external and internal audit.
Scope Of The Internal Audit