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Question 199

Which the following activities should be performed by the internal audit activity to facilitate an effective relationship with the audit committee?

1. Periodically report about the accounting standards followed by the organization.

2. Provide assurance to the audit committee that its charter, activities, and processes are appropriate.

3. Ensure that the role and activities of the internal audit activity are clearly understood and responsive to the needs of the audit committee.

4. Maintain open and effective communications with the audit committee.

    Correct Answer: D

    To facilitate an effective relationship with the audit committee, the internal audit activity should focus on providing assurance that its charter, activities, and processes are appropriate (2), ensuring that the role and activities of the internal audit activity are clearly understood and responsive to the needs of the audit committee (3), and maintaining open and effective communications with the audit committee (4). Periodically reporting about the accounting standards followed by the organization (1) is more of a responsibility of the accounting or finance department rather than the internal audit activity. Therefore, the correct answer includes 2, 3, and 4 only.

Discussion
Daniellaabc

Refer to quality assurance and improvement program

TinananaleeOption: B

Don't get why number 2 is included.