Who does the internal audit team report to?
The internal audit team consists of auditors who are employed by the company and they evaluate the internal controls and processes within the company. The internal audit team should report directly to the audit committee to have proper governance and communication of information.
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What is the required communication for internal control deficiencies?
For an issuer (public company), is required to communicate the deficiency to management and internal audit. If the deficiency is a significant deficiency or a material weakness, then the audit team must also communicate the deficiency to the audit committee in writing.
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Who selects the external auditor?
The external auditor (not the internal auditor) is normally selected by the audit committee for public companies and those charged with governance for nonpublic companies. The external auditor is an audit firm that is a 3rd party, such as PwC, Deloitte, E&Y, KPMG, etc. Those Charged with Governance: Those Charged with Governance will also be...
What is the required communication for internal control deficiencies?
For an issuer (public company), is required to communicate the deficiency to management and internal audit. If the deficiency is a significant deficiency or a material weakness, then the audit team must also communicate the deficiency to the audit committee in writing.
Who selects the external auditor?
The external auditor (not the internal auditor) is normally selected by the audit committee for public companies and those charged with governance for nonpublic companies. The external auditor is an audit firm that is a 3rd party, such as PwC, Deloitte, E&Y, KPMG, etc. Those Charged with Governance: Those Charged with Governance will also be...
