According to IIA guidance, which of the following is true with regard to the internal audit charter?
1. It specifies the minimum resources needed for assurance engagements.
2. It requires final approval from senior management.
3. It defines the internal audit activity’s authority and responsibilities.
4. It describes the expectations for communicating the results of a quality assurance and improvement program.
The internal audit charter, according to IIA guidance, primarily defines the internal audit activity’s authority and responsibilities and describes the expectations for communicating the results of a quality assurance and improvement program. Final approval of the internal audit charter resided with the board, not senior management. Therefore, the correct answer is that the internal audit charter defines the internal audit activity’s authority and responsibilities and describes the expectations for communicating the results of a quality assurance and improvement program.
B 100%. Final Approval resides with the borad.
Correct answer is B