RSP Corporation Started Developing Its Internal Audit Process Five Years

question 51

Multiple Choice

RSP Corporation started developing its internal audit process five years ago.When the process started, every internal auditor did things differently.But, the process has progressed until now, many employees at RSP think about ways to improve both the internal audit process and other business processes continually.Which level of the capability maturity model best describes RSP's internal audit process?

• A)Repeatable
• B)Defined
• C)Managed
• D)Optimized

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Definitions:

Monopolistically Competitive

A market scenario where multiple firms compete on product differentiation, price, and quality, while maintaining some degree of market power.

Product Demand

The desire and willingness to purchase a specific product, quantified by the quantity consumers are ready to buy at various prices.

Monopolistically Competitive

Refers to a market scenario akin to monopolistic competition, where sellers offer differentiated products that give them some control over pricing.

Average Total Cost

This is calculated by dividing the total cost of production by the total number of units produced, showing the average cost per unit.