2. The function of internal auditing, as
related to internal financial reports, would be to
a. Ensure compliance with reporting procedures.
b. Review the expenditure items and match each item with the
expenses incurred.
c. Determine if there are any employees expending funds without
authorization.
d. Identify inadequate controls that increase the likelihood of
unauthorized expenditures.
d. Correct. Internal auditors are responsible for identifying
inadequate controls, for appraising managerial
effectiveness, and the pinpointing common risks.
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