The Scope of Services Performed in Internal Auditing (CIA)includes All

question 62

Multiple Choice

The scope of services performed in internal auditing (CIA) includes all of the following except

• A)providing assurance on financial statement related items.
• B)evaluating the effectiveness of operations and related controls .
• C)investigating concerns of fraud.
• D)all of the above are included.

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Definitions:

Economies of Scale

Cost advantages that entities attain due to the scale of operation, with costs per unit of output generally decreasing with increasing scale.

Economic Profit

The difference between total revenue and total costs, including both explicit and implicit costs, measuring the performance exceeding opportunity costs.

Short-Run Equilibrium

The condition in which supply and demand are equal at a particular price level, within a short time frame, before all variables have fully adjusted.