Question

In addition to the IAF, what other internal functions may provide independent assurance to the BOD or senior management?

a. Legal department and IT department.
b. Risk management and compliance functions.
c. Human resources and finance departments.
d. Marketing and sales teams

Answer 1

Risk management, Legal department, Finance department can provide independent assurance to the BOD or senior management in addition to the IAF.

Step-by-step explanation:

In addition to the Internal Audit Function (IAF), other internal functions that may provide independent assurance to the Board of Directors (BOD) or senior management include:

1. Risk management and compliance functions: These functions help identify and manage risks and ensure compliance with laws and regulations.
2. Legal department: The legal department provides legal advice and guidance to the organization, ensuring compliance with laws and regulations.
3. Finance department: The finance department provides oversight and assurance on financial matters, such as financial reporting, budgeting, and internal controls.

These functions play a critical role in providing independent assurance to the BOD or senior management, helping them make informed decisions and ensuring the organization operates effectively and in compliance with applicable laws and regulations.