Benchmarking Is the Practice of Copying What Other Businesses Do

question 22

True/False

Benchmarking is the practice of copying what other businesses do best.

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Definitions:

Self-regulation

The process whereby an industry or profession monitors its own members' adherence to legal, ethical, or professional standards without external oversight.

Audit Standard

Guidelines or rules that auditors follow to ensure financial statements are fairly and accurately presented and in compliance with the accounting standards.

Public Company Accounting Oversight Board (PCAOB)

A nonprofit corporation established by Congress to oversee the audits of public companies in order to protect the interests of investors.