Question

Which of the following upholds at least one generally accepted auditing field work standard?

	Using the COSO framework to evaluate internal controls.
	Allowing members of an audit team to choose their supervisor independently.
	Both A and B.
	Neither A and B

Answer 1

Answer : Using the Coso Framework to evaluate internal controls was generally accepted auditing field work standard

Coso is the standard framework accepted by wide range of organisations to evaluta effectiveness of internal controls for the entities.It focuses on efficienct and effectiveness of organisational operations,which forms the base for better internal controls.

As per the required standards Audit team lead needs to select members of audit team based on required skills and expertise for efficient completion of internal audit