Which of the Following Best Describes Internal Auditors' Responsibilities Regarding

question 22

Multiple Choice

Which of the following best describes internal auditors' responsibilities regarding their entity's policies, plans, procedures and applicable laws and regulations? Internal auditors:

• A)have a responsibility to develop appropriate policies, plans and procedures, and they are responsible for monitoring compliance with all applicable laws and regulations.
• B)have no responsibility regarding these matters because becoming involved with them would make internal auditors members of management.
• C)are responsible for evaluating whether the systems are adequate and effective and whether the activities that are audited comply with appropriate requirements.
• D)are only responsible for compliance with policies, plans, procedures, laws and regulations that apply to internal audit.

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Definitions:

Average Price

The mean amount paid or received over a range of prices, goods, or services, calculated by dividing the total cost by the number of units.

Work In Process Inventory

The account that reflects the costs of incomplete products, which include labor, material, and overhead costs.

Standard Labor Cost

A predetermined cost of the labor time required to produce a unit of output, factoring in wages, benefits, and other labor-related costs.

Sales Volume Variance

The difference between the actual units sold and the budgeted units sold, multiplied by the standard selling price per unit.