Each licence applicant must provide a guide regulating the internal audit processes that includes:

Licence applicants must maintain separate regulatory frameworks for risk management, compliance and internal audit, and this question distinguishes the requirements belonging specifically to internal audit. The internal audit guide must contain procedures allowing the internal auditor to act independently without interference or incompatible duties; procedures ensuring access to relevant records and information; arrangements for access to the board, senior officer or relevant board committee when necessary; and a mechanism for informing the financial auditor immediately about any matter that may affect the licensed body’s financial position. It must also document the structure, responsibilities and procedures of the internal audit function. Option A belongs to the risk-management framework rather than internal audit. Option B resembles the requirement for the compliance officer to have adequate resources. Option D is also incorrectly worded because the relevant regulatory roles require appropriate access rather than access subject to arbitrary limited restrictions. Option C reproduces a specific internal-audit requirement and is therefore the correct answer.

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