Which of the Following Is Not Explicitly a Part of the Definition

question 14

Multiple Choice

Which of the following is not explicitly a part of the definition of internal auditing contained on the IIA's website?

• A) Internal auditing is an objective assurance activity.
• B) Internal auditors should help external auditors complete the annual financial statement audit.
• C) Internal auditing should help an organisation accomplish its objectives.
• D) Internal auditing is designed to add value and improve an organisation's operations.

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Definitions:

Unsecured Non-priority Creditor

A creditor who does not have a claim on specific collateral and ranks below secured and priority creditors for repayment in case of debtor's bankruptcy.

Accounts Receivable

Represents money owed to a business by its customers for goods or services delivered or used but not yet paid for.

Liabilities With Priority

Obligations that have preference over others for repayment, often in the context of liquidation or bankruptcy proceedings.

Net Realizable Value

The estimated selling price of goods minus the costs of their sale or completion.