According to IIA Guidance, Which of the Following Would Not

question 262

Multiple Choice

According to IIA guidance, which of the following would not be a consideration for the internal audit activity (IAA) when determining the need to follow-up on recommendations?

• A) Degree of effort and cost needed to correct the reported condition.
• B) Complexity of the corrective action.
• C) Impact that may result should the corrective action fail.
• D) Amount of resources required to conduct the follow-up activities.

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Definitions:

Optimal Taxation

The theory or practice of determining the most efficient and effective way of levying taxes to generate government revenue with minimal economic distortion or inefficiency.

Excess Burden

The societal expense resulting from market inefficiency, which arises when supply and demand are not in balance.

Progressive

A term often used in the context of taxation or political ideology, indicating policies or stances that aim to redistribute resources from the more affluent to the less affluent.

Income Tax

Tax levied by a government directly on income, especially an annual tax on personal income.