Operational Auditing

question 30

Multiple Choice

Operational auditing:

• A) has a main purpose of helping management to improve the entity's effectiveness and efficiency
• B) refers to an entity's financial operations
• C) is historical in focus
• D) all of the above are correct

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Definitions:

Minimum Wage

The lowest legal wage that employers can pay their employees, ensuring a basic standard of living.

Compensation Costs

The total of an employer's expenses for employee salaries, wages, benefits, and other forms of compensation.

Competency-Based Pay System

A salary structure that compensates employees based on the specific skills, knowledge, and abilities they bring to their roles, rather than their job title or position.

Absenteeism

The habitual non-presence of an employee at their job, which can be due to various reasons including illness, personal issues, or disengagement with work.