Question

Who is ultimately responsible for determining that the objectives for an internal audit engagement have been met?

Answer 1

The final decision regarding whether or not an internal audit engagement's goals have been attained rests with the specific internal audit staff member.

Who approves the internal audit plan?

• The governing body and senior management should concur on the internal audit charter.
• The internal audit's scope, independent reporting relationships, authority, responsibility, and requirement to adhere to IIA Standards should all be listed in the charter, at the very least.

Who is in charge of the internal auditing task?

• Usually, the audit committee, the accounting officer, or the board of trustees are responsible for this.
• The internal audit activity needs qualified, competent, and experienced personnel who can operate in accordance with the Code of Ethics and the International Standards if it is to be effective.

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