Accounting · Audit and Assurance

In line with ACCA's Code of Ethics and Conduct, which two of the following factors must be considered before an internal audit engagement should be accepted? 1. Whether the external audit team has the expertise to carry out the internal audit work. 2. If the assignments will relate to the internal controls over financial reporting. 3. If management will accept responsibility for implementing appropriate recommendations. 4. The probable timescale for the outsourcing of the internal audit function.