Which of the Following Organizations Establishes Ethical Standards and Standards

question 20

Multiple Choice

Which of the following organizations establishes ethical standards and standards for the practice of Internal Auditing?

• A) Information Systems Audit and Control Association (ISACA)
• B) Institute of Internal Auditors (IIA)
• C) Society of Management Accountants of Canada (SMAC)
• D) Canadian Institute of Chartered Accountants (CICA)

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Definitions:

Fixed Expenses

Costs that do not fluctuate with changes in production level or sales volume, ensuring stability in budget planning.

Cost-Plus Approach

A pricing strategy where a fixed percentage or fixed amount is added to the total cost of producing a product or delivering a service to determine its selling price.

Projected Selling Price

The anticipated price at which a product is expected to be sold in the future, considering factors such as cost, market demand, and competition.

Unnecessary Costs

Expenses that do not add value to the product or service and could be eliminated without affecting the quality or output.