The General Standards for the Professional Practice of Internal Auditing

question 9

Multiple Choice

The general standards for the professional practice of internal auditing include the following:
-The director of internal auditing should establish a program for selecting and developing the human resources of the internal auditing department.
_____

• A)Independence,
• B)Professional Proficiency,
• C)Scope of Work,
• D)Performance of Audit Work, and
• E)Management of the Internal Auditing Department.

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Definitions:

Interest Payment

The amount paid at intervals by the borrower to the lender for the use of borrowed money, typically expressed as a percentage of the principal.

Simple Interest

Interest calculated only on the principal amount, or on that portion of the principal amount that remains unpaid.

Months

Units of time used in accounting and financial contexts to represent periods or durations, often for reporting, planning, or measurement purposes.

Promissory Note

A financial instrument that contains a written promise by one party to pay another party a definite sum of money either on demand or at a specified future date.