Economics · Corporate Governance
A board is considering establishing an internal audit function. Which of the following factors are relevant in making this decision? (1) It would help the audit committee to discharge its responsibilities for monitoring internal control. (2) The board would no longer need to take responsibility for the prevention and detection of fraud and error. (3) The costs of establishing an internal audit function should be considered against the benefits gained.
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 11 and 2 only
- 21 and 3 only✓
- 32 and 3 only
- 41, 2 and 3
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1 and 3 only
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