QUESTION 1 The last decade has seen increased attention paid to internal audit as an integral component of corporate governance mechanisms, which are designed to strengthen risk management systems of...

QUESTION 1

The last decade has seen increased attention paid to internal audit as an integral component of corporate governance mechanisms, which are designed to strengthen risk management systems of organizations and enhance financial reporting quality. Internal audit serves as a crucial resource in corporate governance by providing services to boards of directors, management and external auditors. Internal audit has also transformed from a predominantly appraisal function to a consulting paradigm over the last several decades.

REQUIRED

1. Analyze in detail the elements of Independence needed for Internal Audit to operate effectively in ensuring the effectiveness of the services provided by the Internal Auditors.