Considering the concepts of organizationwide risk management and the system of internal controls, the internal audit activity as a whole can be considered which of the following types of control?
The internal audit activity, in the context of organizationwide risk management and internal control systems, functions as a governance control, because:
Internal audit operates at the highest levels of the organization, providing:
Independent, objective assurance to the board and senior management.
Insights on governance, risk management, and internal controls.
- The activity strengthens organizational oversight by evaluating controls, risk processes, and overall governance effectiveness.
- Internal audit does not directly operate at the transaction, process, or management-oversight level, but contributes to broad governance structures.
B- Wrong: Management's oversight responsibilities are distinct from internal audit's independent role.
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Kozy
1 week, 3 days ago