If a company has an internal audit function, it does not need to have external auditors.

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Quizplus · Accepted Answer

Even if a company has an internal audit function, it still needs to have external auditors to provide an objective and independent assessment of the company's financial statements and internal controls. External auditors also provide assurance to stakeholders and lenders that the financial statements are free from material misstatement and are in compliance with relevant accounting standards and regulations.

If a Company Has an Internal Audit Function, It Does