Question: 1. Why does an Internal audit Activity (IAA) need to document purpose, authority, and responsibility? 2. Does IAA really need to have both independence and

1. Why does an Internal audit Activity (IAA) need to document purpose, authority, and responsibility?

2. Does IAA really need to have both independence and objectivity? Why?

3. Is it necessary for an IAA to have members that are all Certified Public Accountant (CPA)? Why?

4. Why does IAA need to be audited through Quality Assurance and Improvement Program (QAIP) ?

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