internal auditing

The reporting of intemal auditors or intemal andit department to an audit committee is viewed by the Institute of Instirute of Internal Atuditors (IIA) as the highest reporting level to be achieved in a company Required: i. What is an Audit Committee? (2 marks) ii. Outline four steps that must be taken by an internal audit department to ensure that independence is not impaired. (6 marlss) iii. Prepare a report to the Jamaica Stock Exchange explaining four benefits to be derived from the establishment of audit committees in Jamaica's public companies. (12marks)