Which of the following statements regarding an internal audit function’s continuous auditing responsibilities is/are true?
I. The internal audit function is responsible for assessing the effectiveness of management’s continuous monitoring activities.
II. In areas of the organization in which management has implemented effective monitoring activities, the internal audit function can conduct less stringent continuous assessments of risks and controls.
a. Only statement I is true.
b. Only statement II is true.
c. Both statements I and II are true.
d. Neither statement I nor statement II is true.