Case 7 - IPPF - Independent concept of IA LAM Company has an internal audit department consisting of a manager and three staff auditors. The manager of internal audits, in turn, reports to the corporate controller. Copies of audit reports are routinely sent to the audit committee of the BOD as well as to the corporate controller and the individual responsible for the area or activity being audited. The internal auditors are often asked to make accounting entries for complex transactions before the transactions are recorded. The employees in the accounting department are not adequately trained to handle such transactions. In addition, this serves as a means of maintaining internal control over complex transactions. The manager of internal audits has always made an effort to remain independent of the corporate controller's office and believes that internal auditors are objective and independent in their audit and non audit activities. Required (a) Define objectivity as it relates to the internal audit function (b)For each of the five situations outlined, explain whether the objectivity of LAM Company's internal audit department has been materially impaired. Consider reach situation independently