External Auditors

question 94

Multiple Choice

External auditors

• A)evaluate the system of internal controls for the companies that employ them.
• B)are employees of the company.
• C)are independent of the company.
• D)plan and perform an internal audit.

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Definitions:

Social Media

Websites and applications that enable users to create and share content or to participate in social networking.

Forward Auction

An auction where an item or service is offered for sale and buyers submit ascending bids, in contrast to a reverse auction where sellers compete to provide goods or services at the lowest price.

Highest Bidder

The individual or entity willing to pay the most for an item or asset in an auction setting.

RFQ

A Request for Quotation (RFQ) is a business process in which a company asks external suppliers to offer a quote for the supply of specific goods or services under designated conditions.