4. Reported internal audit observation emerge as a result of comparing “what should be” with “what is”. In determining “what should be” during an internal audit engagement, which of the following would be the least appropriate criterion against which to assess current controls? Group of answer choices Industry best practices Control policies and procedures prescribed by senior management A standard of control effectiveness determined by internal audit function The controls documented as being in place during the last audit
4. Reported internal audit observation emerge as a result of comparing “what should be” with “what is”. In determining “what should be” during an internal audit engagement, which of the following would be the least appropriate criterion against which to assess current controls? Group of answer choices Industry best practices Control policies and procedures prescribed by senior management A standard of control effectiveness determined by internal audit function The controls documented as being in place during the last audit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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4.
Reported internal audit observation emerge as a result of comparing “what should be” with “what is”. In determining “what should be” during an internal audit engagement, which of the following would be the least appropriate criterion against which to assess current controls?
Group of answer choices
Industry best practices
Control policies and procedures prescribed by senior management
A standard of control effectiveness determined by internal audit function
The controls documented as being in place during the last audit
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