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If an internal audit function is set up, does it discharge the audit committee of its responsibility for monitoring internal control?
Short answer – NO
Look at the diagram on page 15 – internal audit is separate to internal control. Then, as it says at the top of page 16:
“The main roles and responsibilities of the audit committee include the following:
o Monitoring and reviewing the effectiveness of internal audit. Companies don’t have to have an internal audit department, but the need for one must be reviewed annually.”It is likely that internal audit will carrying out tasks in the monitoring process component of a system of internal control – but that is only one of five components (pages 70-71).
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