How can I assess whether the internal audit team is competent?
In order to use the work of internal audit, the external audit team needs to assess the competency of the internal audit team. The external audit team can assess competency by reviewing resumes to understand their educational background and professional credentials (i.e. CPA).
The external audit team can also review the work performed by the specific internal auditor in the prior year. Assessing competency is a subjective task, but it was must be done as the external audit team is required to document their assessment of competency in their workpapers.
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