How Corporate America Actually View The Internal Audit Function?
Views as how internal auditors can assist management in meeting the requirements of regulatory bodies, such as the SEC, the Department of Defense, and the banking regulators (i.e., the Federal Reserve, the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and numerous state regulatory agencies) have been rapidly evolving. As banking regulators have been constrained from growing their own budgets, they have put pressure on financial institutions to improve the quality of their internal audit functions. In conjunction with these efforts, external accountants have informed cost-conscientious managers that better internal audit functions enable the former to reduce their efforts and, accordingly, the fees they charge. There have been numerous situations where this has indeed been borne out. However, there are those who argue that this has not been substantiated. It is quite possible that the increased use of internal auditors for other management functions reduce thei
