There Are a Number of Things That a Practising Auditor

question 38

Multiple Choice

There are a number of things that a practising auditor can do to reduce liability in lawsuits. One of them is to

• A) lobby for changes in laws.
• B) carry adequate insurance.
• C) establish peer-review requirements.
• D) revise auditing standards to meet the changing needs of society.

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Definitions:

Static Planning Budget

A budget based on a fixed level of activity and does not change in response to variations in the level of actual activity.

Revenue Variance

Variation between the projected revenue and the actual revenue earned by a business.

Spending Variances

Differences between the budgeted or standard cost of costs and the actual costs incurred, often analyzed in terms of overhead and materials spending.

Patient-Visits

The number of individual visits or consultations made by patients to a healthcare facility or provider for services.