Internal audit
15.40
With reference to Questions 15.36, 15.37 and 15.38 above, what are the requirements that must be complied with by the external party to whom the internal audit function is outsourced?
This depends on who the external party is. Such party must always comply with whatever legal requirements imposed on it by the relevant bodies or which it is subject to, in offering its services as an internal auditor. For example, in the case of a member of the Malaysian Institute of Accountants, it would have to comply with the Institute’s requirements. This would include the Ethics By-Laws.