Myths and reality of internal audit on the example of oil and gas sector companies

This paper discusses the refutation of internal audit myths, using the example of audit in the oil and gas sector. The relevance of the study of the myths and reality of internal audit is that most businesses need to understand the importance and essence of audit in order to use it in practice and ensure more effective company operations. Internal audit is a fairly significant and important category in business development. Any large enterprise must necessarily have an internal audit unit, and the professionalism of employees in this area must be directly proportional to the risks inherent in the Company's activities. It was found that the main myths of internal audit are often: the presence of a single main internal auditor in companies, the audit is mainly aimed at accounting reports, the audit is necessary to identify violations and apply punitive sanctions.