pls let me knw if there is any responsibility or liability of Internal Auditors towards Statutory Auditors..??? Are internal auditors required by any AAS/ SA to answer statutory auditors on any matter compulsarily. In AAS-7 it is given when a Statutory auditor can rely on Int aud. But i could find nowhere about the above topic.
21 May 2009
As per AAs 7 statutory auditors can rely on the report of the internal auditors as they are covering detailed basis on the routin transaction. Internal auditor have the resposinbility andliability towards management of the organisation There is no liability to the statutory auditors as both the audit were conducted by two separate persons.
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