Accounting Multiple Choice Question – 22 March 2026

Internal audit helps in achieving the corporate objectives of a business.

For the statement below, select whether it is of no importance, of no material importance, true or false.

• Having an internal audit function is a requirement of the UK Corporate Governance Code.

Select ONE answer:

1. Of no importance
2. Of no material importance
3. False
4. True

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple-choice question is suitable for Accounting KS5 classes.

The answer is 3

1. Not correct
2. Not correct
3. Correct – Having an internal audit function is not a requirement of the UK Corporate Governance Code but the need for directors to review the need for one annually is a requirement.
4. Not correct

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