When Conducting Audit Follow-Up of a Finding Related to Cash

question 286

Multiple Choice

When conducting audit follow-up of a finding related to cash management routines, an internal auditor would expect to find that all of the following changes have occurred except:

• A) The steps being taken are resolving the condition disclosed by the finding.
• B) Inherent risk has been eliminated as a result of resolution of the condition.
• C) Controls have been implemented to deter or detect a recurrence of the finding.
• D) Benefits have accrued to the entity as a result of resolving the condition.

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Definitions:

Tariffs

Taxes imposed by a government on imported or, less commonly, exported goods, typically used to protect domestic industries from foreign competition and to raise revenue.

Chartism

A working-class movement for political reform in Britain that existed from 1838 to 1857, advocating for a charter of demands including universal male suffrage.

Universal Male Suffrage

The right of all adult males to vote in elections, regardless of property ownership, income, race, or social status.

Secret Ballot

A voting method in which a voter's choices in an election or a referendum are anonymous, safeguarding the right to privacy in the electoral process.