44.Audit’s responsibilities It is important that the role of internal audit is clearly set out and
that this is distinguished from management’s responsibilities. For each of the components of the
scope of audit (see above) the expectation of audit’s role should be defined. This will include the
audit role in respect of coverage of fraud, compliance matters and value for money. In the main
one would expect management to be wholly responsible for addressing these matters while audit
would review the risk management, control and governance systems that ensure these objectives
are achieved. It is possible to provide further detail by outlining internal audit’s duty to prepare
plans and undertake the required work to professional auditing standards.
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Auditing Broad Questions