Audit Standard No.5 by the PCAOB encourages the external auditor to utilize the work of internal auditors and other objective parties within the organization when performing the assessment of internal control over financial reporting.

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PCAOB Audit Standard No.5 does indeed encourage external auditors to utilize the work of internal auditors and other objective parties within the organization when performing the assessment of internal control over financial reporting. This is because these parties often have valuable insights and information about the organization's internal controls that can inform the external auditor's work and help them identify potential issues or areas of concern. By leveraging the work of internal auditors and other objective parties, external auditors can conduct a more thorough and effective assessment of internal control over financial reporting, which in turn can help improve financial reporting accuracy and reliability.