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Internal Auditing

Here are the questions that I need help with. The fact pattern that should be referenced, is attached. It is a pdf file. Please send me a message if you are unable to view it properly.

Part A.
What reporting responsibilities, if any, does a Mr. Murphy have to:
1) The Audit Committee
Explain why or why not the responsibility(ies) exist
2) The Chair of the Audit Committee
Explain why or why not the responsibility(ies) exist
3) The Audit Committee's Financial Expert (Ms. Taylor)
Explain why or why not the responsibility(ies) exist

Part B.
How can the responsibilities listed in Part A be properly discharged by Mr. Murphy? Please also include the key issues that must be addressed/understood and with whom.

Part C.
What is the role and responsibility of a Mr. Murphy, if any, with regards to:
1) The Audit Committee
2) The Chair of the Audit Committee
3) The Audit Committee's Financial Expert (Ms. Taylor)

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Internal Auditing

Here are the questions that I need help with. The fact pattern that should be referenced, is attached. It is a pdf file. Please send me a message if you are unable to view it properly.

Part A.
What reporting responsibilities, if any, does a Mr. Murphy have to:
1) The Audit Committee
Explain why or why not the responsibility(ies) exist
Mr. Murphy as the Chief Auditing Executive is directly responsible to the audit committee. He is answerable to both the to the management and to the audit committee. He must report his annual assessment of the effectiveness of the company's risk management, internal control, and corporate governance. As such he is responsible for reporting how the firm sets its goals and the nature and adequacy of its risk management capabilities. He must report on the efficiency of operations, the reliability of financial reports and compliance with the law.
2) The Chair of the Audit Committee
Explain why or why not the responsibility(ies) exist
Chief Auditing Executive must address her reports to the Chair of the Audit Committee. Further, even though in this case Mr. Murphy has been asked to report to the Controller and Chief Financial Officer for ABC Corporation, in practice Mr. Murphy should be reporting to Chairperson of ...

Solution Summary

Internal Auditing is discussed in great detail in this solution.

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