Regarding the Internal Audit Function,which of the Following Statements Is

question 15

Multiple Choice

Regarding the internal audit function,which of the following statements is true?

• A)Since many internal auditors have accounting backgrounds,the internal audit function should ideally be included within a company's accounting subsystem
• B)It is not proper for internal auditors to perform a fraud investigation within any part of their company's system
• C)Because of the independence of external auditors,they should never accept previous work of evaluating controls performed by a company's internal auditors
• D)Within a company's system,it is preferable to establish the internal audit function as a separate subsystem

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Definitions:

Debtor Assets

Properties or financial resources owned by an individual or entity who owes money to creditors.

Pay Judgment

A legal obligation to pay the amount of money awarded by a court in a lawsuit.

Discovery of Document

A legal process during litigation where parties are required to exchange documents relevant to the case.

Discovery Process

The pre-trial phase in a lawsuit where each party can request information and evidence from the other side to prepare for the case.