The Standards for the Professional Practice of Internal Audit of the Institute

question 11

Multiple Choice

The Standards for the Professional Practice of Internal Audit of the Institute of Internal Auditors (IIA) is classified in three major categories.Which of the following is not one of these categories?

• A)Attribute standards.
• B)Performance standards.
• C)Governance standards.
• D)Implementation standards.

Recognize the criteria for extending credit to new customers.

Comprehend the role and importance of a company’s collection policy.

Understand the use of trade credit and the information exchanged through credit bureaus.

Identify the broad issues in receivables policy including criteria for credit, terms of sale, and handling of delinquent customers.