Which of the following statements is true regarding managing an internal audit function?

An internal audit function is effectively managed when its work fulfills the purpose, authority, and responsibilities established in the internal audit charter and contributes meaningful value to the organization. The charter defines what internal audit is expected to accomplish, so achievement of that mandate is a central measure of effective management. Performing primarily operational activities does not automatically improve internal audit effectiveness and may move the function toward management responsibilities. Policies and procedures are needed to support consistent management of the function, although their form and degree of formality can vary according to size and complexity. Outsourcing internal audit work also does not transfer ultimate organizational accountability for maintaining an effective internal audit function to the external provider. Therefore, option B most accurately describes effective management of internal audit.