However by definition the internal audit function is an independent monitoring

However by definition the internal audit function is

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tem of internal controls cannot accurately be assessed as adequately designed or operating effectively. However, by definition, the internal audit function is an independent monitoring function according to COSO. The internal audit function can contribute to overall governance by providing an additional, independent layer of monitoring that can give external parties added confidence in the organization’s system of internal controls. CASES Case 1 The following grading guide will assist in assigning points for the case study. The following three items provide a basis for evaluating that the necessary components are present for each of the five photographed controls required in the case study. 1. Photographs of five different controls. 1. 2. 3. 4. 5. 2. Clear indication of whether each control is designed to mitigate the threat of bad things happening or the threat of good things not happening. 1. 2. 3. 4. 5. The objective(s) each control is designed to address. 1. 2. 3. 4. 5.
CHAPTER 6 INTERNAL CONTROL Illustrative Solutions Internal Auditing: Assurance & Advisory Services , 4th Edition © 2017 by the Internal Audit Foundation, 1035 Greenwood Blvd., Suite 401, Lake Mary, FL 32746, USA Page 8 How each control is meant to operate (that is, how the control works). 1. 2. 3. 4. 5. How the control would be tested to determine whether it is operating effectively. 1. 2. 3. 4. 5. 3. Form: ■ ■ Typed, proper grammar and spelling, good sentence structure, etc. ■ ■ Objective, operation, and test separately described (for example, outline format). Case 2 Refer to the TeamMate Instructor Guide for solutions to the TeamMate exercises. Case 3 Instructors are encouraged to view the KnowledgeLeader website to determine appropriate solutions to this case.

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