Question: ‘Historically, internal audit has been viewed as a monitoring function, the "organizational policeman and watchdog" (Morgan, 1979, p. 161), tolerated as a necessary component of organizational control but deemed subservient to the achievement of major corporate objectives. An examination of the pressures on internal audit in recent years reveals the struggle to demonstrate that the function can add value.'

Spira, L. and Page, M.(2003) Risk management: The reinvention of internal control and the changing role of internal audit Accounting, Auditing &Accountability Journal, Vol 16, No 4, pp 640-661

Drawing upon suitable theories, frameworks and evidence from literature to support your argument/s, critically evaluate and discuss whether or not internal audit does indeed add value to an organisation.

Your submission should be properly referenced (Harvard System) using academic sources and should be no more than 4,000 words (excluding reference list and any appendices).