Internal Audit Outsourcing

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Executive Summary

Both the accounting firm and client may benefit when the firm performs some of the functions of an internal audit department. However, there are a number of problems, the major one being a possible impairment of independence. The AICPA has issued an interpretation of rule 101 that addresses this issue. The authors tell us what CPAs can and cannot do under this interpretation and provide guidance on other possible problem areas. During the past few years, many accounting firms have sought to provide internal audit services to their audit clients. This outsourcing of internal audit services offers advantages to both the accounting firm and the company.

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