Audit Risk Can Be Offset by ________

question 11

Multiple Choice

Audit risk can be offset by ________.

• A)general management
• B)engagement management
• C)audit management
• D)quality management

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Definitions:

Budgeted Costs

Anticipated expenses for a specific period of time, used for planning and control purposes.

Cost Centers

Parts of an organization where costs can be traced, but direct revenues are not generated, used for budgeting and cost management purposes.

Performance Report

A document or record that outlines the performance of a specific activity or function within a set period, usually compared against set goals or standards.

Controllable Costs

Costs that can be influenced or controlled by a specific manager or department within an organization.