Who will be responsible for errors in report if external audit relies on the work of internal audito...........

Auditing Concept of Auditing

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Who will be responsible for errors in report if external audit relies on the work of internal auditor:

External auditor

Internal auditor

Management

Shareholders

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Explanation:

- External auditor: Typically holds responsibility for errors, as they are tasked with assuring the accuracy of financial reports. Their reliance on internal auditors does not shift responsibility.

- Internal auditor: These individuals provide initial assessments, but ultimate accountability usually lies with the external auditor, who reviews and accepts their work.

- Management: While responsible for preparing financial reports, they are not directly accountable for errors detected by auditors.

- Shareholders: They are the recipients of the audited reports and do not bear responsibility for any errors.