Data and other information presented in the report
A) should be positive.
B) must be easy to find.
C) should be relatively precise.
D) must be factually correct.
E) should include reader friendly decorative elements.
Answer: D
Explanation: D) Information presented in a report must be factually correct. In addition to checking for typos, double-check your facts and references.
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For an attributes sampling plan, the tolerable deviation rate is 4%, the computed upper deviation rate is 7%, the sample deviation rate is 3%, and the risk of assessing control risk too low is 5%. Which of the following is true?
A. The auditor must increase control risk because the computed upper deviation rate is greater than the tolerable deviation rate. B. The auditor must increase control risk because the risk of assessing control risk too low is greater than the tolerable deviation rate. C. The auditor is likely to increase control risk because the risk of assessing control risk too low is greater than the tolerable deviation rate. D. The auditor is likely to increase control risk because the computed upper deviation rate is greater than the tolerable deviation rate.
The Information Value Chain is defined as:
A. The overall transformation of data from a business need to the ultimate decision. B. The use of computer technology to provide information about business activities to employees across the firm. C. A centralized database that collects data from throughout the firm. D. The flow of materials, information, payments, and services.
Hypotheses are used to generate theory and laws and they have no place in problem definition
Indicate whether the statement is true or false
Which of the following statements is true with respect to cost drivers?
A) Overhead costs should only have one cost driver. B) In labor intensive companies, direct labor hours often serves as the cost driver. C) When using a cost driver, the same amount of overhead will be allocated to all products. D) Cost drivers are only used to allocate machine hours.