Should Internal Auditors Do Journal Entry Testing? (1 CPE)

$10.00

Over the years, many internal auditors have told Claire Worledge, fellow community member and analytics expert, that internal audit doesn’t need to do testing on journal entries because this is covered by the external audit. We got together to discuss!

 

Learning Objectives:

  • What risks does your entity face if you do not test journal entries?
  • How effective is the external audit and what risks are covered by an external audit compared to an internal audit?
  • What types of journal entry tests should internal auditors actually do if they are going to do them and how long will it take to get done?

Duration: 1 hour (approximate)
CPEs Available: 1
Knowledge Level: Basic
Field of Study: General Methodology, Data Analytics
Prerequisites: None
Advance Preparation: None

 

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Description

Over the years, many internal auditors have told Claire Worledge, fellow community member and analytics expert, that internal audit doesn’t need to do testing on journal entries because this is covered by the external audit. We got together to discuss!

 

Learning Objectives:

  • What risks does your entity face if you do not test journal entries?
  • How effective is the external audit and what risks are covered by an external audit compared to an internal audit?
  • What types of journal entry tests should internal auditors actually do if they are going to do them and how long will it take to get done?

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