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Can the role of internal auditor be outsourced to provide greater independence?

April 26, 2017Auditor greater Independence Internal outsourced

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Can the role of internal auditor be outsourced to provide greater independence?

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Yes. The program does allow for outsourcing. In this situation, the bank may wish to assign the role of Internal Auditor to the bank personnel who coordinate with the outsourced auditors. This provides internal oversight and ongoing accountability for the audit function.