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25. Which of the following is a main function of internal auditing in multinational corporations?...

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25. Which of the following is a main function of internal auditing in multinational corporations? a. Preparing the annual report to corporate shareholders b. Selecting independent members for the board of directors c. Helping external auditors with the financial statement audit d. Monitoring risks and assessing their effect on the company 26. Which of the following groups is responsible for developing international auditing standards a. International Accounting Standards Board (IASB) b. International Auditing and Assurance Standards Board (IAASB) c. International Organization of Securities Commissions (IOSCO) d. Organization for Economic Cooperation and Development (OECD) 27. Why was the issuance of International Standard on Auditing 13 (ISA 13) considered so important to harmonization of auditing standards? a. It required all multinational corporations to adopt international auditing standards by 2008. b. It specified the form and content of the annual report. C. It provided guidance on the form and content of the audit report. d. It requires the auditor to express an opinion on whether the statements give a true and fair view of corporate performance. P7

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