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Is an Audit inspection by a third party necessary for an Insurance or Banking sector as it has its own internal audit department?

Finance Sector Finance
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Question added by Mohamed Lukman Mohamed Liyas , Senior Accountant & Financial Analyst , Al Faisal Holding (Modern Central Laundry WLL & Deliopolis WLL)
Date Posted: 2015/09/08
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ARUN KUNJUMON
by ARUN KUNJUMON , AUDIT STAFF , MKK AND ASSOCIATES

Yes, It is compulsory as per Banking regulation act, Insurance act, companies act2013 etc..

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