Question: Fraud and error present risks to an entity. Both internal and external auditors are required to deal with risks to the entity. However, the responsibilities

Fraud and error present risks to an entity. Both internal and external auditors are required to deal with risks to the entity. However, the responsibilities of internal and external auditors in relation to the risk of fraud and error differ.

(a) Explain how the internal audit function helps an entity deal with the risk of fraud and error.

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