QUESTION 1 Square Root Tech (SRT), a rapidly growing company, having global customer spectrum, provides various technological, software development, system integration and custom application development services, ranging from consulting, development & maintenance. It has strong service delivery teams, highly experienced technical and functional teams, who are highly committed and focus on Client's fulfillment. SRT's corporate mission is based on customer first approach and keenly adhere to a stringent Quality Policy. Through iterative development, continuously tested deployments and a tight customer feedback loop, the company achieves very good reputation and are winning in today's world. Being a technology service provider, the company faces challenges relating to cyber threats, business disruptions due to rapid growth in the technology requirement, and on regulatory compliances. The corporate leadership team suggests on crucial role played by internal audit (IA) in helping the company to manage the current challenges and risks. Required: - a) Discuss on any THREE (3) focus areas to be placed by internal audit, in a highly regulated technological industry in which SRT operates, in terms of the challenges and risks exposure. Support with clear examples. (15 marks) b) Explain on any TWO (2) need of having Audit Committee to be responsible for overseeing the internal audit function. (10 marks) (TOTAL: 25 marks) APU Level 3 Asia Pacific University of Technology and Innovation 20211004