Which Three of the Following Are True of Monitoring

question 116

Multiple Choice

Which three of the following are true of monitoring?

• A)Much of the information used in monitoring is produced by the entity's information systems.
• B)Ongoing monitoring procedures are built into the normal recurring activities of the entity.
• C)One of the most common monitoring activities is the internal audit function.
• D)Monitoring excludes information obtained from communications with external parties.

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Definitions:

Reasonable Hours

A period deemed acceptable or typical for work, activity, or operation, often within the context of employment or service provision.

Reasonable Period

A time frame considered to be fair and appropriate under the circumstances, often used in legal and contractual contexts.

Bailee

A bailee is a person or entity that temporarily holds property under a bailment agreement, in which physical possession but not ownership of personal property is transferred from one party (the bailor) to another (the bailee) for a specified purpose.

Risk of Loss

Refers to the risk that an item may be damaged, destroyed, or lost, and determines which party is responsible for bearing that risk at different points in a transaction.