Internal Controls and Audit | June 16, 2023

Employee Number

Last Name

The Internal Audit Group Head reports functionally to the Board through the Audit Committee.

• True

• False

The internal auditors must have full, free, and restricted access to all PSBank functions, records, physical properties, and personnel in carrying out their review.

• True

• False

Auditors are expected to take actions on the issues and recommendations.

• True

• False

Control activities aid in ensuring that management directives are carried out.

• True

• False

Deterring undesirable events from occurring is better than discovering errors and irregularities.

• True

• False

Control activities set the tone at the top of an organization.

• True

• False

Compliance with laws and regulations is one of the internal control objectives of an organization.

• True

• False

Internal controls help an organization achieve its performance and profitability targets as well as prevent loss of resources.

• True

• False