A chief audit executive (CAE) is obtaining information required by a regulatory oversight body and discovers a situation that requires management to take immediate corrective action. What is the best course of action for the CAE to take?
A. Wait until all of the information has been gathered and reported to the oversight body before reporting the situation to management.
B. Check with legal counsel to determine whether the situation can be reported to management before all information has been submitted to the oversight body.
C. Report the situation to management immediately.
D. Schedule an engagement to explore the situation in depth, before reporting to either management or the oversight body.
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