Week 6 - Requirements

Question 1

What is not a strict legal requirement for unlisted companies?

Answer 1

Internal audit is not a legal requirement for unlisted companies

Question 2

For listed companies, what is required?

Answer 2

For listed companies, an internal audit function is a specific requirement of the UK

Question 3

Who is internal audit mandatory for?

Answer 3

The public sector in England and Wales

Question 4

What does the IIA issue?

Answer 4

International Standards for the Professional Practice of Internal Auditing in the UK

Question 5

When do you always need internal audit?

Answer 5

If dealing with public money - big responsibility