On the Frontlines: Is Materiality Important for Internal Auditing?

The idea that "materiality is not important for internal auditing in the way it is for external auditing" is something internal auditors often hear. While there is a monetary threshold defined as the materiality level in external auditing, it is a common assumption that there is no such category in internal auditing. But is it really so, and does this mean that internal auditors can perform audit procedures and write findings on issues without regard for their monetary value and impact on the organisation?

Read Maja Milosavljevic's blog post here.