Within the IT Assurance Framework (ITAF), the General Standards

question 61

Multiple Choice

Within the IT Assurance Framework (ITAF) , the General Standards:

• A)Provide guidance on the planning and execution of IT assurance activities
• B)Provide guidance on the attributes of the IT auditing profession
• C)Provide guidance on the nature of communications issued by the IT auditor
• D)Provide guidance on the distribution of IT audit reports

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Definitions:

Current Assets

Assets that are expected to be converted into cash, sold, or consumed within a year.

Cash Equivalents

Short-term, highly liquid investments that are easily convertible to known amounts of cash with original maturities of three months or less.

Allowance Method

A method in accounting that involves estimating the accounts that are uncollectible at the end of each period to account for bad debts.

Receivables

Amounts owed to a company by customers or other parties as a result of the company providing goods or services on credit.