【每日一练】ACCA F8（Dec 2014）

Please use the space provided on the inside of the Candidate Answer Booklet to indicate your chosen answer to each multiple choice question.

Which of the following statements, if any, is/are correct?
(1) Internal auditors should report to the finance director as they understand internal controls and are best placed to implement any recommendations in a timely manner
(2) Companies are not required to establish and maintain an internal audit function
A 1 only
B 2 only
C Both 1 and 2
D Neither 1 nor 2

Answer:

B

Statement 1 is not correct as internal audit (IA) should not report to the finance director as this would impact on their independence. Some of the internal controls and functions IA review are the responsibility of the finance director and they may not act on any recommendations which appear to criticise their department. Statement 2 is correct as companies are not required to implement and maintain an IA function. Corporate governance principles recommend that listed companies maintain an IA function and annually consider the need for such a function; however, they do not require it.

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