Which of the following statements is true of auditing?
Auditing: A Risk Based-Approach to Conducting a Quality Audit
10th Edition
ISBN:9781305080577
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter5: Professional Auditing Standards And The Audit Opinion Formulation Process
Section: Chapter Questions
Problem 40MCQ
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Question
Which of the following statements is true of auditing?
Group of answer choices
External audits tend to be more expensive than internal audits.
External audits are handled by employees of the organization.
Publicly held corporations are required by law to have internal audits regularly.
All organizations are required to have a permanent internal auditing staff.
Organizations contract with certified public accountants for external audits.
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