Who Should Perform an Internal Audit

question 112

Multiple Choice

Who should perform an internal audit?

• A) A private auditing firm
• B) The organization's accounting department
• C) Representative managers and employees from throughout the firm
• D) A small team of top-level managers
• E) The chief executive officer

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Definitions:

Satisfaction of Debt

Satisfaction of Debt is the fulfillment of a financial obligation, such as the repayment of a loan, thereby releasing the debtor from further liability.

Owner's Rights

Legal rights conferred to owners, entitling them to use, enjoy, and dispose of their property as they see fit.

Strict Foreclosure

A legal process by which the secured lender obtains the title to the mortgaged property without the sale thereof, when the borrower fails to meet the obligations.

Deficiency

The difference between the amount owed on a loan and the amount recovered from selling the asset securing the loan if the latter is less.