Which of the following statements is true of auditing?
A) External audits tend to be more expensive than internal audits.
B) External audits are handled by employees of the organization.
C) Publicly held corporations are required by law to have internal audits regularly.
D) All organizations are required to have a permanent internal auditing staff.
E) Organizations contract with certified public accountants for external audits.

Question

Quizplus · Accepted Answer

External audits are typically concerned with determining whether the organization's accounting procedures and financial statements are compiled in an objective and verifiable fashion. The organization contracts with a certified public accountant for this service.

Which of the Following Statements Is True of Auditing