QUESTION $130$ marks

A multinational corporation, Capital Inc., has been operational since the $1960$s$.$ Over

the decades, it has expanded its operations globally, experiencing significant changes

in its internal auditing practices. Initially, the internal auditing department focused on

financial compliance, but with the rise of corporate governance standards and the

complexity of global operations, the role of internal auditors has evolved significantly.

a$)$ Discuss the historical development of internal auditing within multinational

corporations like Capital Inc., highlighting key milestones and shifts in focus.

$(10)$

b$)$ Evaluate the impact of corporate governance codes, such as the King Report,

on the responsibilities and practices of internal auditors in global corporations.

$(10)$

c$)$ Analyse the challenges faced by internal auditors in maintaining

independence while providing assurance on the adequacy of the management

process in a multinational setting. $(10)$

References: Cascarino, R$.(2015).$ Internal Auditing. Cape Town: Juta and Co$.,$ pp$\mathrm{.}3-$

$15.$

King IV Report on Corporate Governance for South Africa $2016.$