Answered: internal and external audit

Business

Accounting

internal and external audit

Auditing: A Risk Based-Approach to Conducting a Quality Audit

10th Edition

ISBN:9781305080577

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter16: Advanced Topics Concerning Complex Auditing Judgments

Section: Chapter Questions

Problem 13TFQ

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Question

Elaborate this statement, “Internal audit is a strategic function in ensuring good governance throughout the bureaucracy.” why Is it necessary for a firm to have internal and external audit groups? Why?

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