In assessing the competence of a client's internal auditor, an external auditor most likely would consider the:
A. Evidence supporting a further reduction in the assessed level of control risk.
B. Results of ratio analysis that may identify unusual transactions and events.
C. Client's policies that limit the internal auditor's access to management salary data.
D. Internal auditor's compliance with professional internal auditing standards.
Answer: D
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In determining the extent to which the auditor may use the work of others in the audit of ICFR, the auditor should do all of the following except:
A. be ready to document the extent to which he or she relied on the work. B. evaluate the competence and objectivity of the individuals who performed the work. C. evaluate the risks associated with the controls subjected to the work of others. D. All of these are required.
Petrous Company incurs both fixed and variable production costs. Assuming that production is within the relevant range, if volume goes up by 28%, then the total variable costs would ________.
A) increase by 28% B) remain the same C) increase by an amount less than 28% D) decrease by 28%
Identify the helping verb in the sentence. Will Lakeesha decide which points to emphasize?
Most markets for products are made up of individuals or groups with diverse needs for products and are called ____ markets.
A. undifferentiated B. concentrated C. homogeneous D. differentiated E. heterogeneous