The Two Most Important Qualities for an Internal Auditor to Possess

question 37

True/False

The two most important qualities for an internal auditor to possess are independence and competence.

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Definitions:

Term Bond

A type of bond that matures on a specific date in the future and pays back the principal amount at that time, often alongside regular interest payments.

Convertible Bond

A type of bond that can be converted into a predetermined amount of the company's equity at certain times during its life, usually at the discretion of the bondholder.

Serial Bond

A serial bond is a type of bond that matures in installments over a period rather than in a single lump-sum at the end of its term.

Fiscal Year

An accounting period of 12 months used by organizations for financial reporting and budgeting, distinct from the calendar year.