According to IIA Guidance, Which of the Following Is True

question 427

Multiple Choice

According to IIA guidance, which of the following is true about the supervising internal auditor's review notes? • They are discussed with management prior to finalizing the audit. • They may be discarded after working papers are amended as appropriate. • They are created by the auditor to support her fieldwork in case of questions. • They are not required to support observations issued in the audit report.

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

---

Definitions:

Short Run

A period in which at least one factor of production is fixed, constraining the ability of a firm to adjust its output levels.

TVC

Total Variable Cost, which refers to the total of all costs that vary with the level of output or production activity.

Short Run

A period in economics during which at least one input, such as plant size, is fixed, and only some factors of production can be varied.

TC

Total Cost, which refers to the aggregate amount of expenses incurred by a business in producing goods or services.