An Internal Auditor Should Ideally Report To

question 59

Multiple Choice

An internal auditor should ideally report to:

• A) the chief finance officer.
• B) the audit committee.
• C) the ASIC.
• D) the external auditors.

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Definitions:

Indirect Materials Cost

The cost of materials used in the production process that cannot be directly traced to the product, such as lubricants and cleaning supplies.

Machine-Hours

A measure of production output or used capacity based on the number of hours machines are operated.

Spending Variance

The difference between the actual amount spent and the budgeted amount for a particular period, used in budget control and analysis.

Patient-Visits

The number of times patients visit a healthcare provider or facility for treatment or consultation.