The highest priority of a financial audit by an internal audit department practicing under the new definition of internal auditing would be to:

a. Test the effectiveness of internal controls over financial transactions.

b. Assist the external auditor in the conduct of the annual audit, thereby decreasing the cost of the annual audit.

c. Analyze controls to determine the possibility of financial statement fraud.

d. Analyze controls over high-risk accounting areas, such as accounting for estimates.