3478277

question 54

Multiple Choice

3478277
-statements issued by the Internal Auditing Standards Board of the Institute of Internal Auditors (IIA) to provide authoritative interpretation of the Institute of Internal Auditors' Practice Standards

• A)compliance audit
• B)economy and efficiency audit
• C)effectiveness
• D)efficiency
• E)functional audit
• F)Government Auditing Standards
• G)government audit
• H)Institute of Internal Auditors
• I)operational auditing
• J)organizational audit
• K)program audit
• L)Single Audit Act
• M)special assignment
• N)IIA Practice Standards

---

Definitions:

Powers of Attorney

A legal document that grants one individual (the agent) the authority to act on behalf of another (the principal) in legal or financial matters.

Utmost Good Faith

A principle requiring all parties to a contract, especially in insurance, to act honestly and not mislead or withhold critical information from each other.

Express Agreement

A contract in which the terms are stated openly and explicitly, and agreed upon by all parties involved.

Utmost Good Faith

A principle requiring parties to a contract to act honestly and not mislead or withhold critical information from one another.