To Operate Effectively, Internal Auditors Must Be

question 70

Multiple Choice

To operate effectively, internal auditors must be:

• A) registered with ASIC and meet minimum professional development requirements.
• B) independent of the line functions within an organisation.
• C) contracted by the organisation subject to audit.
• D) members of either the Institute of Chartered Accountants in Australia or CPA Australia.

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Definitions:

Frustration

Interference with a contract by some outside, unforeseen event that makes performance impossible or essentially different in nature.

Equitable Remedy

A judicial order enforcing a party to act or refrain from acting in a certain way, used when monetary compensation does not suffice to resolve a legal dispute.

Frustration Clause

A frustration clause in a contract is a provision that releases both parties from their obligations if an unforeseeable event occurs, making it impossible to fulfill the contract.

Tomato Crop

Refers to the cultivation and production of tomatoes as an agricultural activity.