In an audit,________ is used to identify baselines from previous audits or audits of other related companies and industries to establish a point of comparison.
A) baselining
B) benchmarking
C) a gap analysis
D) an internal assessment
E) base-pointing

Question

Quizplus · Accepted Answer

Benchmarking is the process of comparing the organization's performance metrics with those of other organizations in the same industry or with previous audits to identify areas for improvement. Baselining is the process of establishing a starting point for comparison, whereas gap analysis is the process of identifying differences between the current and desired performance levels. Internal assessment refers to the evaluation of the organization's own internal controls and processes. Base-pointing is not a commonly used term in auditing.

In an Audit,________ Is Used to Identify Baselines from Previous