What is the internal audit department's role in the control structure of the financial process?
A) The periodic review of management reports should be done daily by the internal audit department.
B) The internal audit department should be in charge of developing and reviewing all budgets.
C) Provision should be made for independent confirmation of data appearing in management reports.
D) None of the above is an appropriate activity for the internal audit department.

Question

Quizplus · Accepted Answer

The internal audit department's role in the control structure of the financial process is to provide independent confirmation of data appearing in management reports. The periodic review of management reports can be done by other departments and reviewing budgets should be done by budgeting or finance departments.

What Is the Internal Audit Department's Role in the Control