What does ‘Managing the Internal Audit Function’ encompass according to Global Standards?

The concept of "Managing the Internal Audit Function" as outlined by Global Standards primarily involves the oversight of the internal audit department and its associated processes. This includes ensuring that the internal audit function operates effectively and efficiently, aligning with the organization’s goals, and maintaining compliance with relevant regulations and standards.

Effective management of the internal audit function entails several critical responsibilities. This includes creating a framework for audit planning, ensuring the use of appropriate methodologies, and overseeing the implementation of audits. It also involves assessing whether the internal audit activities are effectively contributing to the organization's risk management and external regulatory compliance efforts. By maintaining robust oversight, organizations can enhance their governance structure and improve overall accountability.

Although evaluating performance metrics for auditors is essential and contributes to the overall management of the internal audit function, it is just one aspect of a broader responsibility. Similarly, training for external auditors and setting financial disclosures are essential activities within auditing and financial reporting but do not specifically pertain to the internal audit function’s management. Therefore, the comprehensive oversight defined in option C is crucial for ensuring that all processes within the internal audit department align with organizational needs and industry standards.