Audit Manager Mock Interview
Master 23 Audit Manager interview questions covering risk assessment, team leadership, and regulatory compliance.
Question 5 of 23
As external auditors, how can we rely on the work of internal auditors?
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Brian Schuchart is a CPA and Senior Finance Business Partner. His professional experience includes senior management roles with NBC Sports, Virtual Health, and the Children's Hospital of Philadephia.
As part of their responsibilities, internal auditors document policies and procedures. In some cases, external audit firms can rely on the work of the internal audit team in conducting the financial statement audit.
Brian Schuchart is a CPA and Senior Finance Business Partner. His professional experience includes senior management roles with NBC Sports, Virtual Health, and the Children's Hospital of Philadephia.
"Audit rules require auditors to obtain an understanding of a client's internal controls. As part of their responsibilities, an internal audit team often documents and assesses internal controls for their organization. In some cases, the external auditors can leverage this work in completion of their financial statement audit. In other words, they don't need to duplicate the work of the internal audit team. However, as external auditors we will often need to do our own transaction testing and therefore cannot rely on the internal audit team's work."
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