Which of the following summarizes the requirements of corporate governance in respect of internal audit?

a) The audit committee must review the need for an internal audit function on an annual basis

b) The audit committee must establish an internal audit committee as soon as possible

c) There must be an audit or internal audit function in place but there is no requirement to have both

d) The finance director must review the need of an internal audit function and should make a request to the audit committee if it is decided that an internal audit function would be needed