Question at position 3 Monitoring internal control systems is the primary responsibility of the:Board of directors.Senior management.External auditors.Internal auditors.

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Question at position 3 Monitoring internal control systems is the primary responsibility of the:Board of directors.Senior management.External auditors.Internal auditors.

BlackTom AI · Accepted Answer

The question asks who bears the primary responsibility for monitoring internal control systems.
Option 1: Board of directors. While the board has ultimate governance responsibility and oversight duties, day-to-day monitoring of internal controls is not their primary role; they oversee governance and provide direction, but the detailed monitoring is delegated to management and internal auditors.
Option 2: Senior management. Senior management is responsible for establishing and maintaining internal controls and for implementing policies, but the ongoing, routine monitoring of those controls is typically carried out by internal audit, with independent assurance.
Option 3: External auditors. External auditors assess the effectiveness of internal controls as part of an audit but are not responsible for ongoing monitoring of internal control systems within the organization; their work is periodic and focused on verification and assurance, not continuous monitoring.
Option 4: Internal auditors. Internal auditors specialize in evaluating and monitoring internal control systems on an ongoing basis, providing independent assurance to the board and management about effectiveness and compliance. Their mandate explicitly includes monitoring controls, testing compliance, and identifying weaknesses for remediation.
In summary, the core responsibility for ongoing monitoring of internal control systems rests with internal auditors, as they are equipped to perform independent, systematic assessments and provide ongoing assurance within the organization.

Question at position 3 Monitoring internal control systems is the primary responsibility of the:Board of directors.Senior management.External auditors.Internal auditors.

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