The Auditing Standards of the Institute of Internal Auditors Required

question 42

True/False

The auditing standards of the Institute of Internal Auditors required of internal auditors are similar to the requirement of GAAS for practicing CPAs.

---

Definitions:

Cash Balance

The amount of money on hand or in bank accounts, immediately available to a business or individual.

Money Paid Out

The total amount of money a company or individual spends or disburses.

Average Collection Period

The average number of days it takes for a company to receive payment after a sale has been made on credit.

Accounts Receivables

Money owed to a business by its customers for goods or services that have been delivered or used but not yet paid for.