
Explain internal auditing.

Explanation of Solution
Internal auditing:
Internal auditing is a process of providing assurance related to the fair and accurate representation of the financial statements of the company. It is an intra-company service. Internal auditing is a function of the management of the company. Internal
Thus, internal auditing is an intracompany activity that provides and checks the fair and accurate representation of the financial statements of the company.
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Chapter 21 Solutions
Principles of Auditing & Other Assurance Services (Irwin Accounting)
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