Which of the following is not true with regard to the internal audit charter?
A) It defines the authorities and responsibilities of the internal audit activity.
B) It specifies the minimum resources needed for the internal audit activity.
C) It provides a basis for evaluating the internal audit activity.
D) It should be approved by senior management and the board.

Question

Quizplus · Accepted Answer

The internal audit charter does not specify the minimum resources needed for the internal audit activity; it outlines the purpose, authority, and responsibility of the internal audit function. Resource allocation is typically determined separately.

Which of the Following Is Not True with Regard to the Internal