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Due professional care
Whether internal audit work is properly planned, supervised, reviewed and documented. The 
existence of adequate audit manuals, work programmes and working papers may be considered, 
as well as consultation procedures. 
In regards to audited finance statements, the 
Financial Reporting Review Panel
is responsible for 
monitoring the use of accounting standards in published financial statements and for examining and 
questioning the departure from accounting standards by large companies. 
QUESTION 
External and internal audit
 
The growing recognition by management of the benefits of good internal control and the complexities of 
an adequate system of internal control have led to the development of internal auditing as a form of 
control over all other internal controls. The emergence of internal auditors as specialists in internal 
control is the result of an evolutionary process similar in many ways to the evolution of independent 
auditing. 
Required
Explain why the internal and independent auditors' review of internal control procedures differ in 
purpose. 
BPP Tutor Toolkit Copy

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PART C: ACCOUNTING AND REPORTING SYSTEMS, CONTROLS AND COMPLIANCE 
 
250
 
ANSWER 
The internal auditors 
review and test the system of internal control
and report to management in order 
to 
improve the information
received by managers and to help in their task of running the company. The 
internal auditors will recommend changes to the system to make sure that management receive 
objective information that is efficiently produced. The internal auditors will also have a duty to search for 
and discover fraud. 
The external auditors