Critically analyse the following statement, "The external auditor is only concerned with its relationship with the audit committee (AC) and the internal audit function (IAF), and not with the relationship between the AC and the IAF as the relationship between these parties is of minimal relevance to the external auditor". Your response should:

(i)Outline the nature of the relationship between the AC and the IAF;

(ii) State your position on the above statement; and

(iii) Provide two (2) reasons to support your position.

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