UK Role of Internal Audit in collapsed companies


Joined
Jun 6, 2019
Messages
2
Reaction score
0
Country
United Kingdom
There has been a lot of debate around the role the external audit in the collapse of companies in the media.
What do people feel about the supposed role the internal audit in these cases.
All auditors internal & external have an ultimate responsibility to make sure the companies capital is not being misused and is protected.
 
Ad

Advertisements

kirby

VIP Member
Joined
May 12, 2011
Messages
1,651
Reaction score
222
Country
United States
Do a web search for the topic"internal audits that detected fraud." Answer: crickets.
 
Ad

Advertisements

Fidget

VIP Member
Joined
Jan 6, 2013
Messages
558
Reaction score
88
Country
United Kingdom
There has been a lot of debate around the role the external audit in the collapse of companies in the media.
What do people feel about the supposed role the internal audit in these cases.
All auditors internal & external have an ultimate responsibility to make sure the companies capital is not being misused and is protected.
That's not true. The responsibility for that lies fully with management of the organisation. It's a misconception that it's the auditors' responsibility.

Where there's negligence on account of an audit, that's a different thing. But safeguarding/stewardship of an organisation's assets is ultimately the responsibility of the management of the organisation - not auditors.
 
Last edited:

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Top