Final answer:
The requirement for independent audits of internal controls applies primarily to public companies under regulations like the Sarbanes-Oxley Act. Private companies, small businesses, and non-profits are not bound by this mandate, although they may opt for audits for other reasons.
Step-by-step explanation:
The statement that all companies are required to have an independent auditor assess the adequacy of their internal control procedures is false. The requirement for an independent audit of internal controls is primarily mandated for public companies by regulations such as the Sarbanes-Oxley Act of 2002, specifically Section 404, in the United States. This act requires public companies to have their internal controls over financial reporting assessed by an independent auditor. However, private companies, small businesses, and non-profits are not generally subjected to this requirement, although they may choose to have such audits for internal or external reasons, such as seeking investments or ensuring financial transparency.
The requirements and standards for internal control assessments vary by country and the size and type of the company. Large, publicly listed companies are more likely to be subject to these requirements to protect investors and the public interest. Smaller companies and private enterprises might have audits for different reasons, such as compliance with local regulations, requests from financial institutions, or as a best practice for good governance.
In summary, the blanket statement suggested in the question doesn't apply to all companies globally, and whether or not a company needs to have such an independent audit depends on various factors, including the regulatory environment, company's market (public vs. private), and voluntary business practices.