External auditors' reliance on the internal audit function

• Main Authors: Ng, Diana Poh Lian, Wong, Mei Yin, Yap, Boon Hong
• Other Authors: Leong Sheng Chow
• Format: Final Year Project
• Language: English
• Published: 2015
• Subjects: DRNTU::Business::Auditing
• Online Access: http://hdl.handle.net/10356/63002
• Institution: Nanyang Technological University

This study surveyed the extent of reliance on internal auditors by external auditors . Two sets of questionnaires were designed for our study . The first set of questionnaire was administered in mid-July to more than 50 CPA firms whereas the second set of questionnaire was administered in mid-August to act as a validity check. Descriptive statistics, Mann Whitney-U tests, one-way and two-way Anova were used to analyze the data. Results of the survey showed that competence, objectivity, coordination and risk were among the factors that had significant effect on the reliance on internal auditors . Further, it was also found that demographic factors such as experience and age of external auditors affected the reliance level on internal audit .