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Internal V ExternalAudit (Internal Audit- normally in large PLC's…
Internal V ExternalAudit
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Reporting
External: Shareholders: Truth and fairness of financial statements. Stewardship of directors in relation to assets of company.
Internal: Board of Directors or audit board. Effectiveness and efficiency of internal control systems
Audit Legal Requirements
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Not legal requirement to have an internal audit. CCCG states that best practice for a PLC to have internal audit department
USA Sarbanes Oxley (SOX) 2002: in response to Enron and Worldcom. Directors and external auditors must comment on internal controls. US multinationals operating in Ireland will probably have an internal audit department