For large companies,what is essential for effective monitoring of internal controls?
A)competent external auditors
B)competent fraud department
C)competent accounting department
D)competent internal audit department

Question

Quizplus · Accepted Answer

A competent internal audit department is essential for effective monitoring of internal controls in large companies. Internal auditors are responsible for reviewing and evaluating the effectiveness of internal controls, identifying weaknesses and making recommendations for improvement. They also play a key role in detecting and preventing fraud, which is an important aspect of internal control monitoring. While competent external auditors, a competent fraud department and a competent accounting department are also important, they are not as essential as a competent internal audit department for effective monitoring of internal controls.

For Large Companies,what Is Essential for Effective Monitoring of Internal