he internal audit function is effectively managed when:

I. The results of the internal audit function$$s work achieve the purpose and responsibilities included in the internal audit charter.

II$.$ The internal audit function conforms with the Definition of Internal Auditing and the Stan dards.

III. All risks in the organization have been identified.

IV$.$ The individual auditors do their work in conformance to the Code of Ethics and the Standards.

V$.$ The external audit costs are reduced each year.

I and V only.

I, II$,$ and IV only

II$,$ III, and IV only

I, II$,$ III, IV$,$ and V$.$

III, IV$,$ and V only.