Critically appraise the Internal Audit function of the company. Add information about the internal audit team and suggestions given by the internal audit unit to enhance the internal control system of the company. Company's internal control.•Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates andrelated disclosures made by management.•Conclude on the appropriateness of management's use of the going concern basis of accounting and based on theaudit evidence obtained, whether a material uncertainty exists related to events or conditions that may castsignificant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertaintyexists, we are required to draw attention in our auditor's report to the related disclosures in the financial statementsor, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our auditor's report. However, future events or conditions may cause the Company tocease to continue as a going concern.•Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, andwhether the financial statements represent the underlying transactions and events in a manner that achieves fairpresentation.We communicate with Those Charged With Governance regarding, among other matters, the planned scope andtiming of the audit and significant audit findings, including any significant deficiencies in internal control that weidentify during our audit.We also provide Those Charged With Governance with a statement that we have complied with relevant ethicalrequirements regarding independence, and to communicate with them all relationships and other matters that mayreasonably be thought to bear on our independence, and where applicable, related safeguards."From the matters communicated with Those Charged With Governance, we determine those matters that were ofmost significance in the audit of the financial statements of the current period and are therefore the key auditmatters. We describe these matters in our auditor's report unless laws or regulations precludes public disclosureabout the matter or when, in extremely rare circumstances, we determine that a matter should not be communicatedin our report because the adverse consequences of doing so would reasonably be expected to outweigh the publicinterest benefits of such communication.#6

Answer:- Internal Audit meaning:- Internal audit helps in the assessment of the company's internal…

Critically appraise the Internal Audit function of the company. Add information about the internal audit team and suggestions given by the internal audit unit to enhance the internal control system of the company.

Critically appraise the Internal Audit function of the company. Add information about the internal audit team and suggestions given by the internal audit unit to enhance the internal control system of the company.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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