Which of the Following Is the IIA's Stated Position Regarding

question 108

Multiple Choice

Which of the following is the IIA's stated position regarding the internal auditing activity?

• A) All responsibilities for internal auditing activity can be outsourced.
• B) An in-house liaison, such as an executive or senior management member, should be assigned the responsibility for internally managing the internal auditing activity.
• C) All internal auditors involved in the internal auditing activity must be CIAs.
• D) Internal auditors for the internal auditing activity should be supervised by CPAs.

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Definitions:

Owner's Equity

The residual interest in the assets of an entity after deducting liabilities, representing the owner's claim against the company’s assets.

Revenues

The total income generated from normal business operations, often from the sale of goods and services before expenses are deducted.

Expenses

Monetary outflows or costs incurred in an entity's operations.

Owner's Equity

The residual interest in the assets of a company after deducting liabilities, representing the owner's claim on the business assets.