The role of the internal audit activity within a risk and control framework is to provide independent assurance that management has established and is maintaining effective internal controls.
Responsibilities of Internal Audit:
Internal auditors evaluate and monitor the effectiveness of internal controls, ensuring they are designed and operating effectively to mitigate risks and achieve organizational objectives.
Options Analysis:
Option A: Internal audit does not constitute the first line of defense; this role is typically held by management.
Option B: While internal audit may provide recommendations, it does not direct the implementation of internal controls.
Option C: Verifying that management has met its responsibility for implementing effective controls aligns with the assurance role of internal audit.
Option D: Implementing the internal control framework is a management responsibility, not internal audit's.
Conclusion:
The best description of internal audit’s responsibility within a risk and control framework is to verify that management has met its responsibility for implementing effective controls.
[:, Internal Audit Standards and Practice Guides ., , ]
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