Which of these statements is/are correct? I Internal auditors must be independent of the entity that employs them. Il The possibility that a large company may not be able to repay a bank loan because of an economic downturn is referred to as materiality risk. Select one: a. Both (1) and (II) are correct. O b. Only lis correct. O c. Only Il is correct. d. Both (1) and (11) are incorrect