Which of the following is a reason why an organization establishes a system for internal control? A. To safeguard its assets B. To increase efficiency of operations C. To ensure compliance with laws and regulations D. All of these answer choices are correct.

D. All of these answer choices are correct More test answers on https://studyhippo.com/chapter-7-self-test/

Which of the following activities is outside the scope of internal auditing? A. Evaluating risk exposures regarding compliance with policies, procedures, and contracts. B. Safeguarding of assets. C. Evaluating risk exposures regarding compliance with laws and regulations. D. Ascertaining the extent to which management has established criteria to determine whether objectives have been accomplished.

B. Safeguarding of assets. Answer (B) is correct. Safeguarding assets is an operational activity and is therefore beyond the scope of the internal audit activity. More test answers on https://studyhippo.com/su-2/

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