A recent external audit cited weaknesses in internal controls due to overly centralized reporting through the CFO. Your company is revising its internal audit structure.

Your company$$s external auditor recently flagged a concern: the internal audit team reports administratively and functionally through the CFO, creating what some describe as a "reporting blind spot." Now, leadership is reviewing the internal audit reporting structure.

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What is the potential issue with internal audit reporting solely through the CFO?

Propose a revised reporting structure that would enhance internal audit$$s independence and effectiveness.