The Goal of Operational Auditing Is to

question 102

Multiple Choice

The goal of operational auditing is to

• A) Help managers discharge their management responsibilities and improve profitability.
• B) Evaluate compliance with specific laws and regulations.
• C) Reduce to a socially acceptable level the information risk to users of financial statements.
• D) Express an opinion on the fairness of financial statements.

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Definitions:

Federal Unemployment Taxes

Taxes imposed on employers to fund state workforce agencies and unemployment insurance.

Employer

An individual or organization that hires and pays for the services of workers.

Employee

An individual who works part-time or full-time under a contract of employment, providing labor to an employer for compensation.

Unfunded Pension Liability

A pension plan's financial shortfall when the projected retirement benefits obligations exceed the current assets available to fund them.