Q2 Q2

Question 1

Audit Commitee - P1

Answer 1

Provide oversight and governance of the Internal Audit function.
Ensure internal audit activities align with the company’s objectives, strategies and regulatory requirements.
Example
This will help enhance the reliability of financial reporting and reduce the risk of fraud.

Question 2

Audit Comittee - P2

Answer 2

Responsible for appointing and evaliuating the performance of the internal audit team.
Ensure the internal auditors possess the necessary skills, qualifications, and independence to carry out their duties.
Asses the performance to provide feedback and guidance for improvement.
Internal auditor has to address specific challenges to enhance control and risk management.

Question 3

Audit Committee - P3

Answer 3

Review and approve the internal audit plans, ensuring they cover key risks and areas of concern within organisations.
Receive and review internal audit reports, addressing the adequacy of findings and recommendations.
Example
They check to see if the reports provide actionable insights and recommendations for addressing weaknesses in internal controls and mitigation the risk of fraud.