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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.
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