Why internal audit is required?

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Rittenhouse 0 Comments

What made internal audit a requirement for companies? I know that big corporations need to have an internal audit function but what is the rationale for this law?

1 Answer

score 0 · Answer 1 · 2012-12-02T16:04:56+00:00

Internal audit is not required for all companies. It is required for all public companies. The requirements are in place to ensure that there are efficient and sufficient controls in place to ensure that the assets of the company are properly safeguarded and fraud and error will be prevented or detected.