Question

When the internal audit activity performs an assurance engagement, how many parties are involved?

Answer 1

We can actually deduce here that when the internal audit activity performs an assurance engagement, the number of parties are involved are: Three.

What is internal audit?

Internal audits are actually known to be a way a company's internal controls, governance and accounting process are evaluated. This is usually carried out in order to make sure that there is compliance with all the laws and regulations.

Internal audit actually helps to maintain accurate and timely financial reporting and also data collection.

Thus, we see that during the internal audit activity, there are three parties available for the assurance engagement.

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