Which of the Following Statements Does Not Describe the Responsibilities

question 13

Multiple Choice

Which of the following statements does not describe the responsibilities of a company's internal audit staff?

• A) Internal auditors ensure that the company's financial statements have been presented fairly.
• B) Internal auditors focus on the efficiency with which the organization is run.
• C) Internal auditors help ensure that the company's policies and procedures are followed.
• D) Internal auditors prepare the report of management to the company's stockholders.

---

Definitions:

Largest Current Asset

Typically refers to the current asset in a company's balance sheet that represents the highest value, commonly either cash or accounts receivable.

Merchandiser

A business or person that sells goods to consumers, typically involved in purchasing, displaying, and selling of products.

Inventory

The total amount of goods and materials held by a company for the purpose of resale or manufacturing.

Gross Profit

The difference between revenue and the cost of goods sold, indicating the efficiency of core operations.