The Internal Auditor May Review AIS Development/acquisition Projects to Ensure

question 180

True/False

The internal auditor may review AIS development/acquisition projects to ensure that the process has been efficient and effective and that the acquisition team has followed the organization's standard procedures for systems development/acquisition.

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Definitions:

Circular-Flow Diagram

An illustrative depiction of the economy, highlighting the movement of currency among firms and households within different markets.

Goods and Services

Products and activities that fulfill the needs or desires of consumers, with goods being tangible objects and services being intangible activities.

Factors of Production

The inputs used to produce goods and services, typically classified into four main categories: land, labor, capital, and entrepreneurship.

Money

A medium of exchange that facilitates trade, serves as a unit of account, a store of value, and can be in the form of coins, notes, or electronic.