Which of the Following Statements Is True of Auditing

question 44

Multiple Choice

Which of the following statements is true of auditing?

• A) External audits tend to be more expensive than internal audits.
• B) External audits are handled by employees of the organization.
• C) Publicly held corporations are required by law to have internal audits regularly.
• D) All organizations are required to have a permanent internal auditing staff.
• E) Organizations contract with certified public accountants for external audits.

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Definitions:

Henry George

Henry George was a 19th-century economist and social philosopher known for his advocacy for a single tax on land value to address social inequalities.

Single Tax

Single tax refers to a fiscal policy proposal where one type of tax, often on land value, replaces all other taxes to simplify the tax system and address economic inequality.

Free and Nonreproducible

Goods or services that are available without cost but cannot be duplicated or created again in the exact form.

Nature

The physical world collectively, including plants, animals, landscapes, and other features and products of the earth as opposed to humans or human creations.