The Internal Audit Function Within an Organization Should Be Considered

question 137

Multiple Choice

The internal audit function within an organization should be considered a(n)

• A) activity supervised by the controller.
• B) sub function of the treasurer.
• C) independent appraisal activity.
• D) optional service provided by the firm's external auditors.

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Definitions:

Binding Arbitration

A legal procedure where a dispute is resolved by an arbitrator whose decision is final and legally enforceable.

Informal Law

A term that may refer to customary practices or agreements that are recognized and followed by a group of people, even though they are not codified by government legislation.

Disinterested Third Party

An impartial and unbiased individual or entity not involved in the interests or concerns of the principal parties in a transaction or dispute.

ADR

Stands for Alternative Dispute Resolution, which is a range of processes and techniques used to resolve conflicts or disputes without litigating in court.