To Provide for the Greatest Degree of Independence in Performing

question 63

Multiple Choice

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

• A) Vice-President - Finance
• B) Corporate controller.
• C) Audit committee of the board of directors.
• D) Corporate stockholders.

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Definitions:

Accounting

The systematic process of recording, analyzing, and interpreting the financial transactions of a business.

Intangible Asset

An asset that lacks physical substance but is still identifiable and provides future economic benefit to the owner, such as patents, copyrights, and goodwill.

Business Combination

The process of merging two or more companies into one, through acquisitions, consolidations, or other forms of restructuring.

Specific Criteria

Different or particular standards or requirements that must be met for a certain condition, action, or process to be initiated or considered valid.