Which of the following statements is true in regard to policies and procedures for guiding the internal audit activity?
A.
A small internal audit activity may be managed informally.
B.
All internal audit activities need formal policies and procedures to guide them regardless of size. C.A large internal audit activity may be managed informally if the chief audit executive decides to do so.
D.
There is no need for separate policies and procedures if audits are conducted in accordance with The IIA’s International Professional Practices Framework.
The correct answer is B B. All internal audit activities need formal policies and procedures to guide them regardless of size.
A small team needs clear, written rules to ensure that work is done correctly, consistently, and professionally, and that it meets IIA standards. Lack of formalization is always a risk, regardless of size.
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Cycy03
6 days, 10 hours ago