Reference no: EM13342415

Part A - The Internal Audit Function

1.  Write the mission statements for the major objectives of the internal audit function at COMCO.
2.  Describe the extent the internal audit function will be involved in the different types of audit activity that may be required.
3.  Even though, there were no formal guidelines, there is a need to have the job specifications for the staff for the internal audit department, clearly described, recognising the diversity of the responsibilities they may be required to perform.  In addition you are required to provide:
(a)  Describe the personal characteristics each applicant should posses.
(b)  Describe necessary qualifications and experience
(c)  Discuss the importance of a professional commitment by the applicant

Part B - The Audit Process

1.  In an organisation with the size and complexity of COMCO, discuss the importance of assessing business and audit risks as part of the internal audit function.

2.  Describe the accounting and auditing standards that need to be considered by the internal audit function when reviewing COMCO operations and financial results. 

3.  The local manager at the mine has expressed concern at the need to be environmentally aware.  Is this an area that the internal audit needs to be involved in?  Describe your reasons for agreement or disagreement. 

Part C - The Audit Report

1.  Describe the preferred format of the internal audit report, comparing it the recent report from the external auditors. 

Part D - Follow up

1.  Outline the extent of any subsequent testing that might be required when you follow up these audits.
2.  You have been given the choice of which job you perform first.  Prepare a program for one of the planned jobs.