The Fundamental Difference Between Internal and External Auditing Is That

question 49

Multiple Choice

The fundamental difference between internal and external auditing is that

• A)internal auditors represent the interests of the organization and external auditors represent outsiders
• B)internal auditors perform IT audits and external auditors perform financial statement audits
• C)internal auditors focus on financial statement audits and external auditors focus on operational audits and financial statement audits
• D)external auditors assist internal auditors but internal auditors cannot assist external auditors

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Definitions:

Hypothesis Testing

A method of statistical inference used to decide if data supports a specific hypothesis.

Statistical Procedures

Statistical procedures are methodologies utilized in collecting, analyzing, interpreting, and presenting data.

Confidence Level

The probability, expressed as a percentage, that a confidence interval will contain the true population parameter across repeated samples or experiments.

Confidence Interval

A gamut of values, resulting from sample analysis, expected to enfold the value of an undefined population characteristic.