The Department or Division of Larger Organizations Which Is Responsible

question 105

Multiple Choice

The department or division of larger organizations which is responsible for monitoring and evaluating controls on an ongoing basis is

• A) internal auditing.
• B) external auditing.
• C) internal affairs.
• D) division monitoring.

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Definitions:

Flat Tax

A tax system with a constant rate, where taxpayers pay the same percentage of their income regardless of the level of their income.

Marginal Tax Rate

The rate at which the last dollar of income is taxed, indicating the percentage of tax applied to your income for each tax bracket in which you qualify.

Average Tax Rate

The proportion of total income paid in taxes, calculated by dividing total tax amount by total income.

Circular 230

Regulations and guidelines issued by the US Department of the Treasury for tax professionals regarding practice before the IRS.