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:

Collector

An individual or entity that gathers items of a particular type, often for personal interest or investment purposes, or in financial contexts, one who collects payments.

Misleading Claims

Statements or representations that are false or deceptive, usually made to entice customers or influence stakeholders.

FTC

refers to the Federal Trade Commission, a U.S. federal agency tasked with protecting consumers and ensuring a strong competitive market by enforcing antitrust and consumer protection laws.

Federal Trade Commission Act

A United States federal law established in 1914 to prevent unfair competition, deceptive advertising, and monopolies, empowering the Federal Trade Commission to regulate and enforce provisions against these practices.