Which of the Following Is Not One of the Major

question 55

Multiple Choice

Which of the following is not one of the major differences between financial and operational auditing?

• A) The financial audit is oriented to the past, but an operational audit concerns performance for the future.
• B) The financial audit report has widespread distribution, but the operational audit report has limited distribution.
• C) Financial audits deal with the information on the financial statements, but operational audits are concerned with the information in the ledgers.
• D) Financial audits are limited to matters that directly affect the fairness of the financial statement presentation, but operational audits cover any aspect of efficiency and effectiveness.

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Definitions:

Consultative Function

A role or service that provides expert advice and guidance in a particular field or area, typically to help organizations make informed decisions.

MIS Department

Stands for Management Information Systems Department, a division in an organization that focuses on computing technology and systems to manage company information and assist in strategic decision-making.

Current Average

A statistical term referring to the present or most recent average value of a particular dataset or measurement.

Related Files

Documents or data that are connected by a common theme, project, or purpose, making them relevant to each other.