Homework Answers
B. Companies must outsource the internal audit function to an external independent party.
Working;
There is no mandatory provision in NYSE governance guidelines as of September 2020 that companies must outsource the internal audit function to an external independent party.
They are only required to have an internal audit function, which can be either in house department or outsourced to external independent party other than its external auditor.
The below statements are true;
Audit committees must have a minimum of 3 independent auditors.
The CEO must certify the firm's compliance with corporate governance standards.
The board of directors consist of independent directors. (not all the directors, but majority of them shall be independent).
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