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U. Integrity 8. Which of the following statements is NOT true? A. Both internal and external auditors owe a duty of confidentiality to the company they are auditing Both internal and external auditors evaluate the internal control system of a company Both internal and external auditors are accountable to management Both internal and external auditors should be competent to perform their work C. D. 9. Which of the following is NOT an appropriate reason to outsource the internal audit function? A more independent internal audit would allow the external auditor to reduce their testing and therefore the audit cost. A. B. It is expensive to maintain an internal audit function and to recruit staff C. The entity might only need internal audit on a short term basis at certain times of the year D. The internal audit procedures required could be done in a small amount of time so full time employees might not be justified.

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