To Provide for the Greatest Degree of Independence in Performing

question 65

Multiple Choice

To provide for the greatest degree of independence in performing internal auditing functions,an internal auditor most likely should report to the:

• A)Financial vice-president.
• B)Corporate controller.
• C)Audit committee.
• D)Corporate stockholders.

---

Definitions:

Net Earnings

The profit determined after all expenses and taxes have been subtracted from total revenue.

Payroll Tax Expense

Charges levied on both employers and employees, calculated as a proportion of the wages that employers distribute to their workers.

Wages Payable

A liability account that records the amounts owed to employees for work performed but not yet paid.

Liability

refers to any type of financial commitment or obligation that an entity is responsible for, such as debts and legal responsibilities.