Module 1 - M1 Assignment 3 Assignment 3: External and Internal Audit Auditing is a very broad topic that covers all aspects of an organization. An audit not only examines the accuracy of financial statements but also examines the effectiveness of internal controls as well as the efficiency of overall operations of the organization. To accomplish the objectives of different types of audit within an organization, the audit function is broken down into the role of internal auditor and the external auditor. In your role as a partner in the CPA firm Dewey, Wright, and Moore, review the following information. Dewey, Wright, and Moore has just been approached by a new client, AV Imports and Exports, a company that trades goods with various countries. You are in charge of an audit engagement. To determine whether to take on the engagement, you proceed with the overall assessment of risk. You meet with company management, the board of directors, and the audit committee, and begin communication with the previous audit firm. You also schedule a meeting with the internal auditors to learn more about their role and function within the organization. In preparation for your scheduled meeting, research the external and internal audit function using your textbook, the Argosy University online library resources, and the Internet. Complete the following: Compare the similarities between the responsibilities of the external and internal audit functions. Compare the differences between the benefits of the two functions. Make a recommendation to the management team based on your research Present the comparisons in a chart. Include a 3-5 page report summarizing and explaining the chart as well as outlining how you think Dewey, Wright, and Moore can use the services of the internal auditors as part of the overall audit the firm would provide. Give reasons for your assertions and cite your sources. Submit your chart and report in Word format. Utilize at least three resources in preparing your report. Apply APA standards for writing style to your work. Use the following file naming convention: LastnameFirstInitial_M1_A3.doc. For example, if your name is John Smith, your document will be named SmithJ_M1_A3.doc. By Wednesday, October 7, 2015 , submit your assignment to the M1: Assignment 3 Dropbox . Assignment 3 Grading Criteria Maximum Points Chart displays information sorted in a clear and structured way. 20 Chart provides adequate comparison of features of each function. 20 Report provides pertinent conclusions and displays adequate analysis of information. 20 Recommendation to management team is clear, concise and well supported. 20 Wrote in a clear, concise, and organized manner; demonstrated ethical scholarship in accurate representation and attribution of sources; displayed accurate spelling, grammar, and punctuation. 20 Total: 100 .

1. Module 1 - M1 Assignment 3
Assignment 3: External and Internal Audit
Auditing is a very broad topic that covers all aspects of an
organization. An audit not only examines the accuracy of
financial statements but also examines the effectiveness of
internal controls as well as the efficiency of overall operations
of the organization. To accomplish the objectives of different
types of audit within an organization, the audit function is
broken down into the role of internal auditor and the external
auditor.
In your role as a partner in the CPA firm Dewey, Wright, and
Moore, review the following information.
Dewey, Wright, and Moore has just been approached by a new
client, AV Imports and Exports, a company that trades goods
with various countries. You are in charge of an audit
engagement. To determine whether to take on the engagement,
you proceed with the overall assessment of risk.
You meet with company management, the board of directors,
and the audit committee, and begin communication with the
previous audit firm. You also schedule a meeting with the
internal auditors to learn more about their role and function
within the organization.
In preparation for your scheduled meeting, research the external
and internal audit function using your textbook, the Argosy
University online library resources, and the Internet. Complete
the following:
Compare the similarities between the responsibilities of the
external and internal audit functions.
Compare the differences between the benefits of the two
functions.
Make a recommendation to the management team based on your
research
Present the comparisons in a chart. Include a 3-5 page report

2. summarizing and explaining the chart as well as outlining how
you think Dewey, Wright, and Moore can use the services of the
internal auditors as part of the overall audit the firm would
provide. Give reasons for your assertions and cite your sources.
Submit your chart and report in Word format. Utilize at least
three resources in preparing your report. Apply APA standards
for writing style to your work. Use the following file naming
convention: LastnameFirstInitial_M1_A3.doc. For example, if
your name is John Smith, your document will be named
SmithJ_M1_A3.doc.
By
Wednesday, October 7, 2015
, submit your assignment to the
M1: Assignment 3 Dropbox
.
Assignment 3 Grading Criteria
Maximum Points
Chart displays information sorted in a clear and structured way.
20
Chart provides adequate comparison of features of each
function.
20
Report provides pertinent conclusions and displays adequate
analysis of information.
20
Recommendation to management team is clear, concise and well
supported.
20
Wrote in a clear, concise, and organized manner; demonstrated
ethical scholarship in accurate representation and attribution of
sources; displayed accurate spelling, grammar, and punctuation.
20
Total:
100