• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
Free ACCA & CIMA online courses from OpenTuition

Free ACCA & CIMA online courses from OpenTuition

Free Notes, Lectures, Tests and Forums for ACCA and CIMA exams

  • ACCA
  • CIMA
  • FIA
  • OBU
  • Books
  • Forums
  • Search
  • Register
  • Login
  • ACCA Forums
  • Ask ACCA Tutor
  • CIMA Forums
  • Ask CIMA Tutor
  • FIA
  • OBU
  • Buy/Sell Books
  • All Forums
  • Latest Topics

ACCA Options: NEW MOCKS, debrief videos and "Read the Mind". Learn more >>

20% off BPP Books for ACCA & CIMA exams - Get BPP Discount Code >>

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 1 month ago by Kim Smith.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • June 30, 2022 at 10:57 am #659667
    muhammad624
    • Topics: 3
    • Replies: 3
    • ☆

    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: 92
    • Replies: 6240
    • ☆☆☆☆☆

    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

  • Author
    Posts
Viewing 2 posts - 1 through 2 (of 2 total)
  • You must be logged in to reply to this topic.
Log In

Primary Sidebar

ACCA News:

ACCA Introducing professional skills into the Options exams

ACCA Professional Skills Webinar – Register now

Donate

If you have benefited from OpenTuition please donate.

Specially for OpenTuition students

20% off BPP Books

Get BPP Discount Code

Latest comments

  • thulasikaur on The cost of capital (part 2) – ACCA (AFM) lectures
  • TANYASHARMA29 on Investment Appraisal – NPV, IRR – ACCA Management Accounting (MA)
  • belatris16 on The Final Audit – the Assertions Revisited – ACCA Audit and Assurance (AA)
  • sashafarah on Accounting Conventions and Policies – ACCA Financial Accounting (FA) lectures
  • John Moffat on Objectives of organisations – ACCA (AFM) lectures

Copyright © 2022 · Support · Contact · Advertising · OpenLicense · About · Sitemap · Comments · Log in


We use cookies to show you relevant advertising, find out more: Privacy Policy · Cookie Policy