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Question 3 mpoort to (a) Compare and contrast the roles of an internal auditor and an external auditor (8 marks) d be a tion, Coffee Plc, operates a national network of bars selling drinks and serving food to the ach bar is run by a full-time manager who employs a number of part-time staff to serve (b] Your organiza general public. E drinks and to prepare and serve food You are the Chief Internal Auditor for Coffee Plc and operate out of Head office with a team of five edures on the qualified staff. As part of your departments remit you carry out analytical review proc accounting figures sent to the central accounting office by each bar manager The company operates automatic tills with staff selecting the item s ordered by the customer and the total calculated automatically At the end of each shift the details and total of all the transactions are sent electronically to the Accounts Department at Head Office. Any cash is counted by the bar manager and banked daily Your team have brought to your attention that one particular bar in central London is not performing as well as other bars in the area and their takings in comparison to casts are much lower. Therefore, you instruct a member of your team to conduct a more in -depth day-by-day analysis of the takings, which shows that the takings are significantly lower on Fridays. This is unusual because Fridays are normally a very busy day. However, no discrepancy between the totals on the tills and the cash receipts has been found. As Chief internal Auditor, you now need to conduct an investigation because you suspect that a member of staff is not entering transactions into the tills and then stealing the cash given by customers Required As Chief Internal Auditor of Coffee plc, explain what procedures you would follow to investigate the suspected fraud. (10 marks) (c) Evaluate the extent to which an auditor, conducting the statutory audit of a company, can rely on the work of the internal auditor, according to ISA 610 Using the work of Internal Auditors? (7 marks) Total 25 marks

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