Internal audit jobs are vital for good corporate governance, according to one expert.
Allister Wilson, audit partner at Ernst & Young, urged businesses to ensure the internal audit function remains separate from the external side of things, even if the two areas do complement each other on occasion.
He said: "Whilst it may be acceptable in certain circumstances for a company to engage its external auditors to perform extended external audit procedures, this does not in our view obviate the need for the company also to have a robust and independent internal audit function."
Businesses should remember the internal audit function is there to support the group chief executive, while the external audit is accountable to shareholders, Mr Wilson added.
Yesterday, the Financial Reporting Council warned that deals which push the internal/external audit boundary might have to be scrapped because of future rule changes.
For this reason, the organisation urged firms to exercise caution if they are thinking about entering into such an agreement.
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