Which of the Following Would Be Included in an Internal

question 249

Multiple Choice

Which of the following would be included in an internal audit department's quality assurance and improvement program? 1. Ongoing internal assessments of the performance of the internal audit department. 2. Periodic internal reviews through self-assessments. 3. Assessments conducted by a qualified external reviewer at least once every five years.

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

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Definitions:

Operating Income

The profit realized from a business's operations after subtracting operating expenses from gross income.

Net Income

The total profit of a company after all expenses and taxes have been deducted from revenue.