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Is it true that an internal audit cannot achieve the same degree of independence as that of external audit ?
Limitations of internal audit
Internal audit is not required by law. Therefore, there is no requirement for internal auditors to be professionally qualified for the work they do. It is a matter of the company to decide what qualifications or experience it requires of the members of its internal audit team. Hence the quality of the internal audit could be impacted.
Am I right sir ?
Yes.
IA are also employed by the company so might fear for their jobs/promotion if they are too critical of management.
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