The Key Benefit to Management of There Being an Internal

question 21

Multiple Choice

The key benefit to management of there being an internal audit function is that:

• A) It provides assurance to management that the organisation is complying with its legal requirements.
• B) External audit costs are reduced.
• C) It provides assurance to management that fraudulent activities will be detected.
• D) It aids management in the areas of risk management, control and governance processes.

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Definitions:

Import Licensing

A government policy requiring businesses to obtain official permission before importing certain goods, often used to control the amount of goods entering a country.

European Works Council

A body representing European employees, established to provide information and consultation rights on transnational matters affecting workers in the European Union.

Collective Bargain

A method of discussion between employers and employee representatives aimed at achieving mutual agreements to govern work environments.

NAALC

The North American Agreement on Labor Cooperation, a supplement to the North American Free Trade Agreement (NAFTA) focusing on labor law enforcement.