Shark Estate Agents Ltd is a company offering estate agency services to the public through a network
Question:
Shark Estate Agents Ltd is a company offering estate agency services to the public through a network of branches in the Midlands. The company has some 270 staff in all. The board consists of six people, a part-time chair, a chief executive, two other full-time executives and two representatives of the owners. The company is jointly owned by a US bank and a city property group. The company has an internal audit department consisting of Legge who is a young chartered certified accountant and Foot who is an accounting technician. They report their activities monthly in detail to the board and to the audit committees of the US bank and the city property group.
Discussion - What work would the internal audit department do? - In what ways may the external auditors place reliance on their work? - Draw up a checklist for the external auditor to use to assess the internal auditors as potentially being capable of producing work on which the external auditors may rely.
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The internal audit department at Shark Estate Agents Ltd plays a crucial role in providing independent and objective assurance and consulting services aimed at adding value and improving the companys ...View the full answer
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