Internal Auditors May Perform All of the Following Types of Audits

question 73

Multiple Choice

Internal auditors may perform all of the following types of audits except

• A)operational audits.
• B)compliance audits.
• C)computer system audits.
• D)all of the above may be performed by internal auditors.

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Definitions:

Overvalued

A term describing a situation in which a security or an asset is trading at a price exceeding its intrinsic value.

Noncontrolling Interest

Noncontrolling interest, also known as minority interest, represents the portion of a subsidiary company’s equity that is not owned by the parent company.

Acquisition Method

An accounting technique used in consolidating the financial statements of a group of companies when one acquires control over the other.

Consolidated Net Assets

The total assets minus total liabilities of a company and its subsidiaries, reported as a single figure in consolidated financial statements.