Which of the Following Is Not Explicitly a Part of the IIA's

question 3

Multiple Choice

Which of the following is not explicitly a part of the IIA's definition of internal auditing?

• A) Internal auditing is an objective assurance activity.
• B) Internal auditing is a consulting activity.
• C) Internal auditing should help an organization accomplish its objectives.
• D) Internal auditors should help external auditors complete the annual financial statement audit.

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Definitions:

Multiple-Step Statement

A Multiple-Step Income Statement presents revenues and expenses through several sections, including operating and non-operating activities, thereby highlighting key components of income and expenditure.

Interest Expense

The cost incurred by an entity for borrowed funds; it represents the interest payable on any borrowings - bonds, loans, convertible debt, or lines of credit.

Sales Over Cost

It refers to the ratio or difference between the sales generated and the cost of the goods sold, aimed at measuring profitability.