Question 4b
Marking Guide
up to 2 marks for each well-explained point | |
| for internal audit | |
| – vfm audits | |
| – accounting system | |
| – computer systems | |
| – internal control systems | |
| – effect on audit fee | |
| – image to clients | |
| – corporate governance | |
| – lack of control | |
| – law change | |
| – assistance to financial accountant | |
| – nature of industry (financial services) | |
| – other relevant points | |
| against internal audit | |
| – no statutory requirement | |
| – family business | |
| – potential cost | |
| – review threat | |
| – other relevant points | |
| maximum marks | 12 |