Accounting Multiple Choice Question – 26 March 2026

For the following statement below concerning internal audit, select whether it is true, false, of no importance and / or of no material importance.

• The UK Corporate Governance Code requires all listed companies in the UK to have an internal audit function.

Select ONE answer:

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

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 – The UK Corporate Governance Code does not require listed companies to have an internal audit function per se but requires companies to consider the need for one annually, to maintain an adequate system of internal controls.
4. Not correct

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