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10. RELATIONSHIP AND DIFFERENCES IN EXTERNAL AND INTERNAL CONTROL
Relations of external commercial (audit) control and internal financial control have a special form. The external auditor can study and use in his work documents prepared by internal control services. However, the external auditor has the right not to trust internal control, assuming his interest in distorting the organization's reporting data.
External auditors have an important impact on the quality of internal controls, including through discussions with management and the board of directors or the audit committee and recommendations for improvement.
The external audit organization should have the right to freely and fully communicate with internal auditors.
To effectively use the work of internal audit, the external auditor should:
a) consider the work plan of the internal audit service for the period of interest and discuss it at the earliest possible stage of the audit;
b) determine the order of meetings with employees of the internal audit service;
at) agree in advance on the timing of the work, the size of the audit sample, the levels of tests, methods for determining the sample and the procedure for documenting the work performed, which will be carried out by internal auditors.
In the case of using the work of internal auditors, the effectiveness of the audit may be affected by the following actions:
a) mutual coordination of audit plans;
b) exchange of reports;
at) regular working meetings;
d) free and open mutual access to working documentation;
d) joint submission of reports to the management and (or) owners of an economic entity;
f) general procedure for documenting an audit.
The audit organization should have access to internal audit reports of interest to it and be informed of any important matter that, in the opinion of the internal auditor, may affect the work of the audit organization.
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