According to the Standards, a Review Team Must Express an Opinion

question 26

Multiple Choice

According to the Standards, a review team must express an opinion on which of the following when performing an external assessment of an internal audit activity? 1. Conformance with the Standards and IIA Code of Ethics. 2. Effectiveness of continuous improvement activities. 3. Feedback from internal audit customers and other stakeholder groups. 4. Efficiency and effectiveness of the internal audit activity's administration processes.

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

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Definitions:

Net Working Capital

A measure of a company's short-term liquidity, calculated as current assets minus current liabilities.

Turnover Rate

The rate at which a company hires and separates employees, or the rate at which inventory or assets are replaced through sales.

Cost Of Goods Sold

The direct costs attributable to the production of the goods sold by a company, including materials and labor costs.

Use Of Cash

A summary of how a company's cash is being utilized in operations, investments, and financing activities.