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Questions and Answers
What is the primary responsibility of the audit committee?
What is the primary responsibility of the audit committee?
- Overseeing IT audit activities
- Setting the overall direction for internal audit activities (correct)
- Managing the internal audit function
- Coordinating financial reporting
Why must audit committee members be independent directors?
Why must audit committee members be independent directors?
- To ensure they have a strong understanding of IT audit
- Because they need to work closely with management
- To reduce the risk of internal controls failures
- Due to SOx requirements (correct)
Who can attend audit committee meetings?
Who can attend audit committee meetings?
- Only independent directors
- Members of management and others invited by the committee (correct)
- The entire board of directors
- Only audit committee members
What is the purpose of the audit committee's internal audit function?
What is the purpose of the audit committee's internal audit function?
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What is the typical size of an audit committee?
What is the typical size of an audit committee?
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What is the outcome of the audit committee's decisions?
What is the outcome of the audit committee's decisions?
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What is the typical reporting structure for an internal audit function in a larger enterprise?
What is the typical reporting structure for an internal audit function in a larger enterprise?
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What tends to be the focus of many audit committees?
What tends to be the focus of many audit committees?
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What is the primary role of the audit committee in relation to the internal audit function?
What is the primary role of the audit committee in relation to the internal audit function?
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Why should IT auditors be more involved with the audit committee?
Why should IT auditors be more involved with the audit committee?
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What should internal audit provide to the audit committee?
What should internal audit provide to the audit committee?
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Who do IT auditors typically report to in a larger enterprise?
Who do IT auditors typically report to in a larger enterprise?
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