Both internal and external auditors have a responsibility to study and evaluate internal control.

Required:

(a) Define internal control.

(b) State the type of control that is concerned with the safeguarding of assets and the processing of authorized transactions,

(c) Explain the relationship between internal control and the responsibilities of the internal auditor as outlined in the Statement of Responsibilities of Internal Auditors,

(d) List two objectives of the internal auditor in evaluating internal control,

(e) List two objectives of the external auditor in evaluating internal control.