For a Complex IT System, Auditors Are Least Likely to Use

question 84

Multiple Choice

For a complex IT system, auditors are least likely to use which of the following when documenting their understanding of internal controls?

• A)Narratives.
• B)Internal control questionnaires.
• C)Flowcharts.
• D)Organization charts.

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Definitions:

Economic Returns

The financial gains or benefits received from an investment, business venture, or economic activity, compared to the amount of money or resources invested.

Optimal Production Volume

The quantity of goods that a company should produce to minimize costs and maximize efficiency, profitability, or both.

Unit Costs

The cost incurred to produce, store, or acquire one unit of a product or service.

Fixed Costs

Costs that do not vary with the level of production or sales, such as rent, salaries, and insurance, providing a basis for budgeting and financial planning.