Internal audit do not have any statutory or legal responsibilities. Hence, internal audit have the liberty to consider issues beyond their scope of audit and can help an business with its growth.
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Internal audit do not have any statutory or legal responsibilities. Hence, internal audit have the liberty to consider issues beyond their scope of audit and can help a business with its growth. Internal auditors work for government agencies (federal, state and local); for publicly traded companies; and for non-profit companies across all industries. Internal auditing departments are led by a Chief Audit Executive ("CAE") who generally reports to the Audit Committee of the Board of Directors, with administrative reporting to the Chief Executive Officer (In the United States this reporting relationship is required by law for publicly traded companies).
Organisations establish an independent internal auditor to provide continuous review of the effectiveness of risk management, control, and governance processes. Internal auditors will examine issues related to company business practices and risks, while external auditors examine the financial records and issue an opinion regarding the financial statements of the company. Internal audits are conducted throughout the year, while external auditors conduct a single annualaudit. An internal auditor is someone who prepares and examines financial records, they ensure that financial records are accurate and that taxes are paid properly and on time. They assess financial operations and work to help ensure that organizations run efficiently. Internal Audit is mainly conducted by the management itself to ensure that they are following the specified rules and regulations.
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