The internal audit activity's primary responsibility in a review or examination of the organization by an external regulatory body is to:
The internal audit activity's primary responsibility in a review or examination of the organization by an external regulatory body is to:
The primary responsibility of the internal audit activity in a review or examination by an external regulatory body is to provide follow-up to ensure that the regulator's findings are appropriately resolved by management. This role is essential to confirm that any issues identified by the regulator are addressed and any necessary corrective actions are implemented effectively. Verifying the frequency of regulatory reviews, preparing documentation for the regulator, and documenting the responses to the regulator's findings are responsibilities more aligned with senior management or other specific functions, not primarily with internal audit.
Can anyone provide reference?
This is a regulatory (external) Control: A. The internal audit activity does not determine its frequency C. Senior management has the responsibility to provide documentation to regulators D. The internal audit activity must remain independent. The correct answer is therefore B. Since Compliance is a mandatory aspect, the Internal Audit activity must follow up recommendations issued by the regulators.