Reading review problem.Nolan pointed out that internal auditing is at a crossroads. Many large corporations pumped significant money into internal auditing departments when the Sarbanes-Oxley Act of 2002 passed; in today’s stressed economy, those same corporations are trying to trim those budgets back. At the same time, organizations face many significant business issues and risks, such as fraud, systems, corporate social responsibility, corporate governance, privacy, and liquidity. Internal auditors need a broad skill set to address those risks and create value for organizations. Nolan’s article advocates outsourcing parts of the internal auditing function to promote good cost control.
Source: M. Nolan, “Internal Audit at the Crossroads,” Risk Management,November 2008.
a. In addition to internal audits, what other kinds of audits do accounting professionals commonly perform?
b. How are the various types of audits similar to one another? How are they different?
c. What concepts and standards guide financial statement audits?
d. How is auditing related to your study of AIS?
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