Question: Nearly every large corporation now maintains an internal auditing department
Nearly every large corporation now maintains an internal auditing department, but 50 years ago relatively few companies carried on a formal program of internal auditing. What have been the principal factors responsible for this rapid expansion?
Answer to relevant Questions"The principal distinction between public accounting and internal auditing is that the latter activity is carried on by an organization's own salaried employees rather than by independent professional auditors." Criticize ...Explain the auditors' responsibility for testing compliance with laws and regulations in an audit in accordance with generally accepted auditing standards.Distinguish between a sub-recipient and a primary recipient. Provide an example of each.The City of Westmore is confused about the type of audit that it should obtain: an audit in accordance with generally accepted auditing standards, an audit in accordance with Generally Accepted Government Auditing Standards, ...Evaluate this statement: "Internal auditors cannot be independent of the activities that they audit."
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