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Wiley Practitioner's Guide to GAAS 2018, 2nd Edition
book

Wiley Practitioner's Guide to GAAS 2018, 2nd Edition

by Joanne M. Flood
April 2018
Beginner to intermediate content levelBeginner to intermediate
880 pages
28h 54m
English
Wiley
Content preview from Wiley Practitioner's Guide to GAAS 2018, 2nd Edition

AU-C 610 Using the Work of Internal Auditors

AU-C Original Pronouncement

Source Statement on Auditing Standards (SAS) 128.

OBJECTIVES OF AU-C SECTION 610

AU-C Section 610.11 states that:

…the objectives of the external auditor, when the entity has an internal audit function and the external auditor expects to use the work of internal auditors to modify the nature or timing, or reduce the extent, of audit procedures to be performed directly by the external auditor, are as follows:

  1. To determine whether to use the work of the internal audit function in obtaining audit evidence or to use internal auditors to provide direct assistance, and if so, in which areas and to what extent
  2. If using the work of the internal audit function in obtaining audit evidence, to determine whether that work is adequate for purposes of the audit
  3. If using internal auditors to provide direct assistance, to appropriately direct, supervise, and review their work

Applicability of AU-C Section 610

AU-C 610 addresses the external auditor's responsibilities if using the work of internal auditors. The external auditor may use internal audit to:

  1. Obtain audit evidence.
  2. Provide direct assistance under the direction, supervision, and review of the external auditor.

AU-C 610's requirements are, for the most part, organized around those two uses.

AU-C 610 does not apply if:

  • The entity does not have an internal audit function,
  • The internal audit function is not relevant to the audit, or
  • The external ...
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Publisher Resources

ISBN: 9781119396482Purchase book