According to IIA Guidance, Which of the Following Are Considerations

question 183

Multiple Choice

According to IIA guidance, which of the following are considerations of due professional care when an internal auditor conducts a formal consulting engagement? 1. The complexity of the work required. 2. The needs and expectations of the client. 3. The potential value of the engagement compared to the effort. 4. Information regarding assumptions and procedures to be employed.

• A) 1 and 4 only
• B) 2 and 3 only
• C) 1, 2, and 3 only
• D) 1, 2, 3, and 4

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Definitions:

Variance

A statistical measurement that describes the spread of numbers in a data set, calculated as the average of squared deviations from the mean.

Probability

A numerical range from 0 to 1 signifying the chances that an event will happen.

Psychiatrist's Theory

A hypothesis or set of hypotheses proposed by a psychiatrist that attempts to explain behavioral, psychological, or mental disorders.

Binomial Random Variable

A type of random variable that assumes only two possible outcomes, success or failure, in a series of independent trials with a constant probability of success.