An Internal Auditor Is Given Responsibility for Reviewing Selected XBRL-Tagged

question 52

Multiple Choice

An internal auditor is given responsibility for reviewing selected XBRL-tagged documents as a form of internal control.If the internal auditor does not fulfill that responsibility, which of the following may help explain and correct the problem?

• A)Expectancy theory
• B)Weighted-rating model
• C)Generic AIS elements
• D)AICPA Core Competencies framework

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Definitions:

Market Price

The current exchange price for an asset or service in the marketplace.

Discount Rate

The interest rate used to determine the present value of future cash flows or to discount future obligations.

Maturity

The predetermined date on which a financial instrument, loan, or security reaches its final payment, at which point the principal amount must be repaid.

Zero-Coupon Bond

A debt security that doesn't pay periodic interest, sold at a discount from its face value, and repays the face value at maturity.