When Establishing a Quality Assurance and Improvement Program, the Chief

question 89

Multiple Choice

When establishing a quality assurance and improvement program, the chief audit executive should ensure the program is designed to accomplish which of the following objectives? 1. Add value. 2. Improve operations. 3. Provide assurance that the internal audit activity conforms with the Standards. 4. Provide assurance that the internal audit activity conforms with the IIA Code of Ethics.

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

---

Definitions:

Inferior Good

A type of good whose demand decreases as the income of consumers increases, inverse to the typical demand pattern.

Complementary Goods

Products or services that are used together, where an increase in demand for one leads to an increase in demand for the other.

Substitute Goods

Products or services that can be used in place of each other by consumers.

Price of Oil

The amount of money required to purchase a barrel of oil, influenced by global supply and demand, geopolitical events, and other factors.