Principles Of Auditing & Other Assurance Services
Principles Of Auditing & Other Assurance Services
21st Edition
ISBN: 9781259916984
Author: WHITTINGTON, Ray, Pany, Kurt
Publisher: Mcgraw-hill Education,
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Chapter 1, Problem 29GOQ
To determine

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The independence of the internal audit department will most likely be assured if itreports to the(1) president. (4) audit committee of the board of directors.(2) controller. (5) vice president of finance.(3) treasurer.
Audit committees have an essential role to play in ensuring the integrity and transparency of corporate reporting. The external auditor will normally report to the audit committee on all the following matters except:  Select one: a.Detected frauds.  b.Future staff requirements of the audit firm.  c.Potential breach of Corporation Act 2001.  d.The management responsibility in presenting annual financial reports.
According to the Institute of Internal Auditor's position paper on the three lines corporate governance model, which group is responsible for owning risks and developing corrective measures and internal controls to mitigate business and IT-related risks: a) first line b) second line c) third line d) Internal audit, at the direction of the Audit Committee
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