The Audit Team Normally Advises the Auditee Immediately Upon the Discovery

question 81

Multiple Choice

The audit team normally advises the auditee immediately upon the discovery of a finding during an audit. Which of the following items is (are) valid reasons for taking this action?

• A) If corrected immediately, the findings may be eliminated from the audit report. II. If corrected immediately, it shows genuine auditee interest in the objectives of the audit. III. If corrected immediately, it demonstrates the strength of an ongoing audit program.
• B) I only
• C) III only
• D) II and III only
• E) I, II and III

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Definitions:

Humble

Not proud or arrogant; modestly low estimate of one's importance.

Chief Executive Officers (CEOs)

The highest-ranking executives in a company or organization, responsible for making major corporate decisions, managing operations, and steering the company's overall direction.

Business World

The environment or domain involving commerce, trade, and the creation and maintenance of profitable organizations.

Accountability

is the obligation of an individual or organization to account for their activities, accept responsibility for them, and to disclose the results in a transparent manner.