Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

ANSWER ALL QUESTIONS QUESTION 1: The internal audit function must have a charter that clearly states the function's purpose, authority, and responsibilities and specifies the

image text in transcribed
ANSWER ALL QUESTIONS QUESTION 1: The internal audit function must have a charter that clearly states the function's purpose, authority, and responsibilities and specifies the nature of the assurance and consulting services the function provides. The charter must be consistent with the Mission of Internal Audit. The Chief Auditing Executive (CAE) must periodically review the internal audit charter and present it to senior management and the board for approval. They report the results of major activities to senior management with independent, objective views on risk and internal controls within the organization. The decision to whom the CAE should report is vital for the effectiveness of the internal audit activity's independence. b) Distinguish FIVE (5) management functions to which the CAE may report to as well as its disadvantages. (25 marks)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Internal Auditors Guide To Risk Assessment

Authors: Rick A. Wright Jr.

2nd Edition

1634540158, 9781634540155

More Books

Students also viewed these Accounting questions