S1: Internal audit is a part of internal control. S2: Internal audit is conducted by external auditors. Which statement(s) is/are correct?

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Internal audit is a continuous appraisal system and a vital component of the internal control framework. It is conducted by the management's own staff or appointed internal auditors, not by external statutory auditors. S1 is correct, S2 is incorrect.

S1: Internal audit is a part of internal control. S2: Internal audit is conducted by external auditors. Which statement(s) is/are correct? MCQ with Answer and Explanation

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