Is internal audit in the insurance industry too internal?

The FSA sees internal audit practice as an integral part of the insurance industry, from providing assurance on risk management to helping to establish effective control frameworks.

How many insurance firms can claim their internal audit functions are best of breed? Traditionally, internal audit has not been especially innovative or visionary. However, it needs to be today, to ensure that a company's profitability and efficiency are not being allowed to leak away through the holes in its internal systems. 

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