Assessing the Quality of Internal Controls,the Reliability of Information,and Operating

question 35

Multiple Choice

Assessing the quality of internal controls,the reliability of information,and operating performance are all part of which stage of the auditing process?

• A) audit planning
• B) collection of audit evidence
• C) evaluation of audit evidence
• D) communication of audit results

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Definitions:

Deadweight Loss

An economic inefficiency arising when the balance for a product or service fails to be attained or is unattainable.

Tax

A necessary financial assessment or some other type of taxation levied upon a taxpayer by a government entity, intended to fund the expenditure of government and various allotments for public services.

Consumer Surplus

The distance between the total consumers are ready to contribute financially to a good or service and what they eventually pay.

Deadweight Loss

A shortfall in economic optimization that occurs when the balance for a good or service is missed or impossible to hit.