Which of the Following Are Core Responsibilities to Be Included

question 106

Multiple Choice

Which of the following are core responsibilities to be included in the internal audit charter? 1. Review reliability and integrity of financial and operating information and the means used to identify, measure, classify, and report such information. 2. Determine the adequacy and effectiveness of the organization's systems of internal accounting and operating controls. 3. Participate in the planning and performance of audits of potential acquisitions with the organization's outside accountants and other members of the corporate staff. 4. Report to those members of management who should be informed of results of audit examinations, the audit opinions formed, and the recommendations made.

• A) 1 and 2.
• B) 1 and 4.
• C) 2 and 3.
• D) 2 and 4.

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Definitions:

Units

A standard quantity or amount used as a measure of a physical quantity, such as length, mass, or time.

Monopolistic Competitor

A type of market structure where many firms offer products that are similar but not identical, allowing for some degree of market power and product differentiation.

Short Run

A period in economics during which some factors of production and costs are variable, while others remain fixed.

Long Run

In economics, a period in which all factors of production and costs are variable, allowing for full adjustment to changes.