If an Organization's Chief Audit Executive Wants to Implement Continuous

question 428

Multiple Choice

If an organization's chief audit executive wants to implement continuous auditing, what is the appropriate order in which key steps should be undertaken?

• A) Identify business applications that require access. II. Implement steps to continuously assess risks and controls. III. Define objectives of continuous auditing. IV. Manage and report results.
• B) III, I, IV, II.
• C) II, I, III, IV.
• D) III, I, II, IV.
• E) II, III, I, IV.

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Definitions:

Self-interest

Acting in a way that is most beneficial for oneself.

Private Property

The right of private persons and firms to obtain, own, control, employ, dispose of, and bequeath land, capital, and other property.

Economically Most Efficient

The state where resources are allocated in a way that maximizes the production of goods and services at the lowest cost.

Labor and Capital

The primary factors of production, where labor refers to human work effort and capital to tools, equipment, and buildings used in production.