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Those operating in the financial sector are bound by various laws along with requirements for internal audit arising from those laws. In addition, the Auditors Activities Act governs the provision of internal audit service, defining who is allowed to be engaged in the professional activities of an internal auditor.

People first associate the word "audit" with balance sheets and income statements, in other words, a financial audit. It's much less common for them to think of an internal audit, the content and nature of which is completely different from a financial audit.

The so-called Whistleblower Protection Act has raised many practical questions. Here are some of the most common questions that have been asked by clients of Grant Thornton Balticand the answers of our specialists.