Which of the following does Moody's advocate as a "best practice" for internal auditing in its report Best Practices in Audit Committee Oversight of Internal Audit?
a) The internal audit function should report to head of risk management.
b) Audit engagement reports should include a clear grading or ranking.
c) The internal audit function should rely on the organizations ERM system to determine its risk-based audit plan.
d) The internal audit function should be outsourced to a 3rd party service provider to increase the function's independence.
Ans: b) Audit engagement reports should include a clear grading or ranking.
You might also like to view...
A statutory will is
a. signed and witnessed. b. Telegraphic. c. oral. d. invalid.
When there is competition among interests, as in the case of interest group politics, the effectiveness of a strategy is independent of the strategies that others are pursuing on the issue
Indicate whether the statement is true or false