Once an observation is identified by an internal auditor as a fraudulent act com

Question

Once an observation is identified by an internal auditor as a fraudulent act committed by senior mgt. resulting in an amount considered insignificant and trivial, it should be:

a. reported to senior management

b. reported to the independent outside auditors

c. report to the audit committee

d reported to major outside funding sources as defined by the laws and regulation of the country in which it operates

e. answers a and c are correct

f. answers a through c are correct

g. all the answers, a through d are correct

Explanation / Answer

correct option is "E"

On identification of any fraud ,Internal auditor shall report such fraud to higher authority (Senior management )as well as to audit committee .

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