An Internal Auditor's Report Should Contain Five Elements for Each

question 102

Multiple Choice

An internal auditor's report should contain five elements for each finding.Which of the following are the correct elements?

• A)Condition,criteria,cause,effect,recommendation.
• B)Condition,relevance,cause,effect,recommendation.
• C)Condition,evidence,cause,effect,recommendation.
• D)Condition,relevance,evidence,effect,recommendation.

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Definitions:

Elastic

A characteristic of a product or service indicating that a change in price leads to a significant change in the quantity demanded or supplied.

Laffer Curve

An illustration of the relationship between tax rates and tax revenue, suggesting that there is an optimal tax rate that maximizes revenue.

Tax Rate Reductions

A decrease in the percentage at which income or transactions are taxed by governmental authorities.

Price Inelastic

A situation where the demand for a good or service remains relatively unchanged despite changes in its price.