Answer
Verified
350.1k+ views
Hint: Evaluation and improvement of the effectiveness of risk management, control and governance processes in an organization is the duty of the internal auditor. The internal auditor also helps in achieving the organizational goal in an effective manner.
Complete answer: The Board of Directors of a company appoints the internal auditor and it is his job to carry out the internal audit functions. It is generally seen that an employee of the company itself acts as the internal auditor however in some companies an external expert is appointed as the internal auditor.
One of the prime requisites for the execution of the work done by the internal auditor is independence. If there occurs a compromise in independence then the objectivity of an internal audit may be distorted.
The internal auditor submits his report to the Board as he is responsible to the Board functionally. However administratively the internal auditor is responsible to the management of the company.
Option A - Shareholders of the Company - A person, company or institution who owns at least one share of a company’s stock is known as a shareholder.
Option B - Statutory Auditor - Such an auditor is an external or outside service supplier and he certifies financial statements according to specific professional auditing standards.
Option C - Institute of Internal Auditors of India - It was formed in 1980 and it is dedicated to the advancement and development of the internal auditing profession in India.
Therefore the correct answer is option D.
Note: On site verification activity, such as inspection or examination, of a process or quality system, to ensure compliance to requirements is called auditing. It can apply to the entire organization or might be specific to a function.
Complete answer: The Board of Directors of a company appoints the internal auditor and it is his job to carry out the internal audit functions. It is generally seen that an employee of the company itself acts as the internal auditor however in some companies an external expert is appointed as the internal auditor.
One of the prime requisites for the execution of the work done by the internal auditor is independence. If there occurs a compromise in independence then the objectivity of an internal audit may be distorted.
The internal auditor submits his report to the Board as he is responsible to the Board functionally. However administratively the internal auditor is responsible to the management of the company.
Option A - Shareholders of the Company - A person, company or institution who owns at least one share of a company’s stock is known as a shareholder.
Option B - Statutory Auditor - Such an auditor is an external or outside service supplier and he certifies financial statements according to specific professional auditing standards.
Option C - Institute of Internal Auditors of India - It was formed in 1980 and it is dedicated to the advancement and development of the internal auditing profession in India.
Therefore the correct answer is option D.
Note: On site verification activity, such as inspection or examination, of a process or quality system, to ensure compliance to requirements is called auditing. It can apply to the entire organization or might be specific to a function.
Recently Updated Pages
Assertion The resistivity of a semiconductor increases class 13 physics CBSE
How do you arrange NH4 + BF3 H2O C2H2 in increasing class 11 chemistry CBSE
Is H mCT and q mCT the same thing If so which is more class 11 chemistry CBSE
What are the possible quantum number for the last outermost class 11 chemistry CBSE
Is C2 paramagnetic or diamagnetic class 11 chemistry CBSE
What happens when entropy reaches maximum class 11 chemistry JEE_Main
Trending doubts
Difference Between Plant Cell and Animal Cell
Difference between Prokaryotic cell and Eukaryotic class 11 biology CBSE
How do you solve x2 11x + 28 0 using the quadratic class 10 maths CBSE
Select the correct plural noun from the given singular class 10 english CBSE
What organs are located on the left side of your body class 11 biology CBSE
The sum of three consecutive multiples of 11 is 363 class 7 maths CBSE
What is the z value for a 90 95 and 99 percent confidence class 11 maths CBSE
Fill the blanks with the suitable prepositions 1 The class 9 english CBSE
How many squares are there in a chess board A 1296 class 11 maths CBSE