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INTERNAL AUDIT AND AUDIT COMMITTEES

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › INTERNAL AUDIT AND AUDIT COMMITTEES

  • This topic has 1 reply, 2 voices, and was last updated 8 months ago by Kim Smith.
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  • June 30, 2022 at 10:57 am #659667
    muhammad624
    Participant
    • Topics: 3
    • Replies: 4
    • ☆

    Hello sir, Hope you are doing fine. I do not understand the need for an internal audit function when a company already has an audit committee and vice versa ( the need for an audit committee when the company already has an internal audit function)? Don’t both of them perform the same roles of reviewing internal controls and checking the quality of financial reporting etc.

    June 30, 2022 at 12:08 pm #659676
    Kim Smith
    Keymaster
    • Topics: 102
    • Replies: 6942
    • ☆☆☆☆☆

    They are entirely different things – the audit committee is made up of DIRECTORS (NEDs) and they do more than oversee internal audit (e.g. it has responsibilities in corporate governance related to external audit). Directors are NOT going to be carrying out the day-to-day compliance checks that might be performed by employees in an internal audit department.

    See here for some details https://www.iia.org.uk/resources/audit-committees/how-internal-audit-works-with-the-audit-committee

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