Which of the Following Is Not an Essential Component of the Audit

question 94

Multiple Choice

Which of the following is not an essential component of the audit function of an organization?

• A) Senior management
• B) Audit committee
• C) Internal auditors
• D) External auditors

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Definitions:

Normative Economics

An area of economics that analyzes outcomes based on value judgments about what is desirable or what ought to be, rather than what merely is.

Supply and Demand

Fundamental economic concepts that describe how the availability of products (supply) and the desire for them (demand) determine prices.

Scarce

Describes resources or goods that are limited in availability and cannot satisfy all the wants and needs of consumers.

Positive Economics

A branch of economics focused on the description and explanation of economic phenomena, as opposed to normative economics which prescribes policies.