Question

Which of the following is not a true statement about the relationship between internal auditors and external auditors?A: Appraising the economyB: There may be periodic meetings between internal and external auditors to discuss matters of mutual interest.C: There may be an exchange of audit reports and management letters between internal and external auditors.D: Internal auditors may provide audit programs and work papers to external auditors.

Answer 1

Answer:

The correct answer is A

Explanation:

IA stands for Internal Auditor, is the one who is a trained professional and tasked with providing the objective and independent evaluations of the financial as well as operational activities of the business or company.

Whereas the external auditors are the one who performs the audit, in accordance with the particular rules or laws, of the company financial statement, other legal entity and government entity.

So, appraising the economy is not correct as the oversight of the external audit work is mostly the responsibility of the board.