Based on PCAOB Standards for an Internal Control Audit,which of the Following

question 20

Multiple Choice

Based on PCAOB standards for an internal control audit,which of the following is least likely to indicate a significant deficiency relating to a client's antifraud programs?

• A)No program for anonymous submissions of alleged fraud.
• B)Audit committee's active engagement in discussions on the topic of fraud.
• C)Senior management delegates to lower levels responsibility for oversight of antifraud programs.
• D)Lack of audit committee interaction with the internal audit department.

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Definitions:

Partially Integrated Contract

A written contract that represents some, but not all, of the terms agreed upon by the parties.

Ambiguous Term

A word or phrase that can be understood in more than one way, leading to uncertainty or varying interpretations.

Party to be Charged

The individual or entity against whom legal action is taken or who is required to fulfil an obligation.

Statute of Frauds

A legal principle requiring certain types of contracts to be in writing and signed by the parties involved, to be enforceable.