The Statement That Best Describes Internal Auditing Is

question 27

Multiple Choice

The statement that best describes internal auditing is:

• A)an activity to reduce risk.
• B)an activity located within an entity, primarily to detect fraud.
• C)an independent and objective assurance activity within an entity.
• D)an accounting function located within an entity.

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Definitions:

Silent Generation

The demographic cohort following the Greatest Generation and preceding the Baby Boomers, typically born between the mid-1920s and early-1940s, known for their strong work ethic and quiet, stoic nature.

Wheeler-Lea Act

The Wheeler-Lea Act is a United States federal law that amended the Federal Trade Commission Act, prohibiting unfair or deceptive acts or practices in commerce, with a particular focus on false advertising.

Federal Trade Commission

A U.S. government agency responsible for protecting consumers and promoting competition by preventing anticompetitive, deceptive, and unfair business practices.

Purchasing Power

The ability of an individual or group to buy goods or services, often relative to the amount of money they have.