UK Role of Internal Audit in collapsed companies

[ghostknife52]

There has been a lot of debate around the role the external audit in the collapse of companies in the media.
What do people feel about the supposed role the internal audit in these cases.
All auditors internal & external have an ultimate responsibility to make sure the companies capital is not being misused and is protected.

 

[kirby]

Do a web search for the topic"internal audits that detected fraud." Answer: crickets.

 

[Fidget]

There has been a lot of debate around the role the external audit in the collapse of companies in the media.
What do people feel about the supposed role the internal audit in these cases.
All auditors internal & external have an ultimate responsibility to make sure the companies capital is not being misused and is protected.

That's not true. The responsibility for that lies fully with management of the organisation. It's a misconception that it's the auditors' responsibility.

Where there's negligence on account of an audit, that's a different thing. But safeguarding/stewardship of an organisation's assets is ultimately the responsibility of the management of the organisation - not auditors.