The Standards requires policies and procedures to guide the internal audit staff. Which of the following statements is false with respect to this requirement?
a. A small internal audit function may be managed informally through close supervision and written memos.
b. Formal administrative and technical audit manuals may not be needed by all internal audit functions.
c. The CAE should establish the function’s policies and procedures.
d. All internal audit functions should have a detailed policies and procedures manual.