The Phases of an Operational Audit Include All of the Following

question 59

Multiple Choice

The phases of an operational audit include all of the following except:

• A) plan audit.
• B) perform follow-up.
• C) report findings to management.
• D) accept client.
• E) perform audit.

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Definitions:

Operating Activities

The core activities of a business that relate to providing goods and/or services, generating revenue, and incurring expenses.

Goods and Services

Goods and services encompass all the physical products (goods) and activities (services) that can be offered in an economy for purchase.

Financial Situation

An individual's or organization's current status in terms of finances, including income, expenses, debts, and assets, determining financial health and stability.

Income Statement

Financial record of a company’s revenues, expenses, and profits over a period of time.