In this article, we take a look at what needs to be in place for an effective audit of a treasury function, taking in both the effectiveness of the first and second line of defense.
Over the years, I have asked various auditors that are involved in performing operating audits what is the most difficult business unit or function to audit. In fact, when I put this question to a group of three or more auditors, someone in the group will invariably make reference to treasury.
There are various reasons why treasury is potentially an auditors nightmare but…
