The following table lists several characteristics. Place a check mark next to those items that pertain directly to the internal audit function and its role within the organization.
Characteristic Check (() if related to internal auditing
a. Ensures that the company achieves its profit goals
b. Is part of the Accounting Department?
c. Usually reports to a senior executive (CFO or CEO) for administrative matters
d. Performs the same function as independent certified public accountants
e. External audits can be performed by the Internal Auditing Department
f. Helps to ensure that company’s internal controls are functioning properly
g. Reports to treasurer or controller
h. Required by the New York Stock Exchange (NYSE) if company stock is publicly traded on the NYSE
i. Reports directly to the audit committee