Senior Management Has Ordered a Compliance Audit of the Organization's

question 6

Multiple Choice

Senior management has ordered a compliance audit of the organization's employee benefits package.Which of the following do both the chief audit executive and senior management consider a primary engagement objective?

• A)The level of the organizational contributions is adequate to meet the program's demands.
• B)Individual programs are operating in accordance with contractual requirements and government regulations.
• C)Participation levels support continuation of individual programs.
• D)Benefits payments,when appropriate,are accurate and timely.

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Definitions:

Wage Rate

An amount of money that is paid to an employee per unit of time, commonly hourly, daily, or annually, for their labor.

Standard Oil

An American oil producing, transporting, refining, and marketing company. Established in 1870 by John D. Rockefeller and associates, controlling much of the oil industry in the U.S. until it was broken up in 1911.

Trust

A legal arrangement where one party, the trustor, gives another party, the trustee, the right to hold title to property or assets for the benefit of a third party, the beneficiary.

Mergers

The combination of two or more companies into a single entity, often to achieve greater efficiency or market share.