A best practice is to have an oversight of the internal audit function as a responsibility of which of the following?
A) Management.
B) Internal auditors.
C) Audit committee.
D) External auditors.

Question

Quizplus · Accepted Answer

The audit committee is responsible for overseeing the internal audit function in order to ensure its independence, effectiveness, and objectivity. This is a best practice recommended by various governance frameworks and standards, including the Institute of Internal Auditors' International Standards for the Professional Practice of Internal Auditing. Management is responsible for establishing and maintaining effective internal controls, while internal auditors are responsible for providing independent and objective assurance and consulting services. External auditors are responsible for providing an opinion on the financial statements, but they do not have the same level of oversight over the internal audit function as the audit committee.

A Best Practice Is to Have an Oversight of the Internal