Week 6 - Requirement

Question 1

Is an internal audit function required for unlisted companies?

Answer 1

Internal audits are not a strict legal requirement for unlisted companies

Question 2

Is an internal audit function required for listed companies?

Answer 2

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

Question 3

Is an internal audit function required in the public sector?

Answer 3

In the public sector, in England and Wales, internal audit is mandatory

Question 4

What does the IIA issue?

Answer 4

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