Chapter 15 discusses the value of internal auditors providing impactful consulting services in addition to the normal assurance services they deliver. This role is often referred to as the Trusted Advisor.
For your assignment, assume you are an internal auditor focusing on a review of your firm’s cash operations. Areas of concern include the organization’s internal controls, cash collections, petty cash, banking and bank reconciliation, and security of assets. Your CAE asks you to conduct a consulting engagement as opposed to the normal assurance engagement.
In the context of this cash review, describe how the consulting engagement might differ from an assurance assignment. Read the two attached articles on Trusted Advisors for ideas.