According to the Standards, Which of the Following Is Applicable

question 277

Multiple Choice

According to the Standards, which of the following is applicable to the internal audit activity's quality assurance and improvement program?

• A) Periodic monitoring of the internal audit activity should be done.
• B) All aspects of the internal audit activity should be evaluated.
• C) An external assessment should be obtained every three years.
• D) The review of assurance services should be the primary focus.

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Definitions:

Monthly Interest Rate

The interest rate applied to a loan or investment for one month, often used to calculate the monthly interest payments or earnings.

Aging Schedule

A compilation of accounts receivable by the age of each account.

Accounts Receivable

Funds that customers owe to a company for products or services already provided but not yet compensated for.