1. Please choose the correct answer choice for each part of the question.

A. TRUE OR FALSE: The Internal Audit Department may report directly to the Audit Committee.

B. TRUE OR FALSE: The Internal Audit Department reports directly to the Controller.

C. TRUE OR FALSE: The Internal Audit department is part of the Accounting Department.

D. TRUE OR FALSE: The Internal Audit department helps to ensure that the company's internal controls are functioning properly.

E. TRUE OR FALSE: The internal audit department performs the same exact function as the independent, external Certified Public Accounting firm.

F. TRUE OR FALSE: The Internal Audit department usually reports to a senior executive (CFO or CEO) for administrative matters.

G. TRUE OR FALSE: External audits can be performed by the Internal Audit department.

H. TRUE OR FALSE: An Internal Audit department is required by the New York Stock Exchange (NYSE) if company stock is publicly-traded on the NYSE.

I. TRUE OR FALSE: The Internal Audit department ensures that the company achieves its profit goals.

J. The Institute of Management Accountants (IMA) issues the _____________ Examination.