The Focus in an Internal Audit Should Be Primarily on Business

question 38

True/False

The focus in an internal audit should be primarily on business risk rather than on internal control.

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Definitions:

Sales Volume

The total number of units of a product sold within a specific time period.

Component Parts

The elements or individual items that, when combined, form a complete product or system.

Finished Product

A product that has completed the manufacturing process and is available for sale or distribution to the final consumer.

Product Portfolio

is the collection of all products and services offered by a company, showcasing the diversity and range of its market offerings.