Reportable internal audit observations emerge by a process of comparing “what should be” with “what is.” In determining “what should be” during an audit of a company’s treasury function, which of the following would be the least desirable criterion against which to judge current operations?
a. Best practices of the treasury function in relevant industries.
b. Company policies and procedures delegating authority and assigning responsibilities.
c. Performance standards established by senior management.
d. The operations of the treasury function as documented during the last audit.