An Internal Audit Manager Is Supervising an Engagement

question 82

Multiple Choice

An internal audit manager is supervising an engagement. A senior auditor deviates from the approved engagement plan but meets all deadlines in the approved time schedule. Which activity is not required for the audit manager to provide proper engagement supervision?

• A) Actively participate in audit procedures.
• B) Ensure that all engagement objectives are met.
• C) Approve the deviation from the engagement plan.
• D) Ensure compliance with the time schedule.

---

Definitions:

Payment to Labor

Compensation provided to employees in the form of wages, salaries, bonuses, and benefits for their work and services.

Marginal Revenue Product

Marginal Revenue Product (MRP) is the additional revenue generated from employing one more unit of a resource, such as labor or capital.

Marginal Product

The additional output that is produced by adding one more unit of a specific input, keeping other inputs constant.

Package Store

A retail store that sells bottled or packaged alcoholic beverages for consumption off the premises, commonly found in some regions of the United States.