The internal audit function is effectively managed when: I. The results of the internal audit function's work achieve the purpose and responsibilities included in the internal audit charter. II. The internal audit function conforms with the Definition of Internal Auditing and the Stan dards. III. All risks in the organization have been identified. IV. The individual auditors do their work in conformance to the Code of Ethics and the Standards. V. The external audit costs are reduced each year. I, II, III, IV, and V. I and V only. III, IV, and V only. II, III, and IV only I, II, and IV only