Which One of the Following Factors Is Not Considered When

question 54

Multiple Choice

Which one of the following factors is not considered when assessing the quality of internal audit?

• A)Quality of working-paper documentation,reports,and recommendations.
• B)Review of quality of audit policies,programs,and procedures.
• C)Attestation services as demanded by market place.
• D)Educational level and professional experience.

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Definitions:

Elastic Demand

A type of demand that responds significantly to changes in price, where a slight price change leads to a substantial change in the quantity demanded.

Marginal Cost

The cost increase associated with the creation of one additional unit of a good or service.

Profit Maximizing

The process by which a firm determines the price and output level that returns the greatest profit.

Marginal Revenue Curve

A graphical representation that shows the change in total revenue for every unit increase in the quantity of output sold.