When Conducting Audit Follow-Up of a Finding Related to Cash

question 286

Multiple Choice

When conducting audit follow-up of a finding related to cash management routines, an internal auditor would expect to find that all of the following changes have occurred except:

• A) The steps being taken are resolving the condition disclosed by the finding.
• B) Inherent risk has been eliminated as a result of resolution of the condition.
• C) Controls have been implemented to deter or detect a recurrence of the finding.
• D) Benefits have accrued to the entity as a result of resolving the condition.

Understand the role of family structure and status in influencing suicide rates.

Distinguish between collective and individualistic aspects of deviant behavior related to suicide and self-harm.

Comprehend the significance of research and statistics in shaping our understanding of suicide.

Identify and respect diverse spiritual beliefs and practices in patient care.

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Definitions:

Order Cost

Expenses associated with placing and processing orders in a supply chain, including costs related to purchasing, ordering, shipping, and receiving goods.

Economic Order Quantity

A formula used to determine the most efficient order size that minimizes the total cost of inventory management, including ordering and holding costs.

Production Order Quantity Model

An inventory management method used to determine the optimal order quantity that minimizes the total holding and ordering costs.

Setup Cost

The cost incurred to prepare equipment or a process for production, including the cost of adjusting machinery and the labor cost of setting up.