Which of the following statements is true of internal auditing?
A) The primary client is the investor in the company.
B) The primary nature of services include assurance and consulting.
C) The parties receiving assurance are regulatory agencies and stockholders.
D) Internal auditing must be responsible for gathering evidence in all audits, including external audits.

Question

Quizplus · Accepted Answer

Internal auditing involves providing both assurance and consulting services to the organization. The primary clients of internal auditing are the organization's management and board of directors, not external parties such as investors or regulatory agencies. While internal auditors may assist external auditors in gathering evidence, they are not solely responsible for it.

Which of the Following Statements Is True of Internal Auditing