The Internal Audit Activity's Primary Responsibility in a Review or Examination

question 165

Multiple Choice

The internal audit activity's primary responsibility in a review or examination of the organization by an external regulatory body is to:

• A) Verify that regulatory reviews occur with adequate frequency.
• B) Provide follow-up to determine if the regulator's findings are appropriately resolved by management.
• C) Prepare documentation for the regulator.
• D) Document the responses to the regulator's findings.

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Definitions:

Core

In manufacturing, the part of a mold that shapes the interior of a molded product or in computer science, a processing unit within a computer's CPU.

Cavity

In manufacturing, it refers to the hollow or recessed part of a mold into which material is injected or poured to form a particular shape.

White Iron

A hard, brittle form of cast iron, made by cooling the casting quickly, with a microstructure of cementite and pearlite.

Cold Shorting

A material property where a metal becomes brittle at low temperatures, making it prone to cracking when subjected to stress.