I know internal auditors can use or rely on the work of their company's external auditors for "internal audits" they perform. However, I have always followed the guideline that internal auditors cannot use external auditor's work for the Sarbanes-Oxley 302 internal control evaluation and testing that internal auditors do on behalf of their company. I have not found any current guidelines that differently; but, want to double check. Therefore, is anyone aware of any changes in guidelines that allow us internal auditors to reduce our 302 evaluation and testing scope because their external auditors review and test the same internal controls? Naturally if allowed it would still exclude 302 testing that the external auditors allows the internal auditors to perform for them to help reduce their fees.
Thanks LiveToLearn, as I previously mentioned the external auditors rely on on our SOX work but still not sure if we can rely on the external auditors SOX work. Still don't think we can rely on external auditors work. Anyone know differently?