Let the number of internal auditors be \( n \).
Step 1: Analyze Statement A.
Statement A tells us that each auditor conducts at least 12 internal audits, but it doesn't tell us the total number of auditors or the total number of audits. Therefore, Statement A alone is not sufficient to answer the question.
Step 2: Analyze Statement B.
Statement B tells us that the company conducts 120 audits across all locations, but it doesn't tell us how many auditors are conducting the audits. Thus, Statement B alone is not sufficient to answer the question either.
Step 3: Combine both statements.
From Statement A, we know that each auditor conducts at least 12 audits. From Statement B, we know that the total number of audits is 120. Therefore, the number of auditors can be calculated as:
\[
n = \frac{120}{12} = 10.
\]
Thus, there are 10 auditors in the company.
Step 4: Conclusion.
Both statements are required to answer the question. Therefore, the correct answer is option (3): If both the statements are needed to answer.