I and III only.

III and IV only.

$2$ points

Which of the following statement is correct in describing the relation between governance, risk management and control?

Governance, risk management and control are independent functions in an organization.

Internal audit function develops and implement controls to manage risk as required by the board of directors.

Governance is an "umbrella" and includes risk management as one key components. Control is one of risk management activities.

All risk in an organization will be managed with control, which is the ultimate goal of governance.