The following groups which will be hurt by unanticipated inflation are the flexible-income receivers. They might be affected by unanticipated inflation because the stockholders’ profits and earnings may rise if the product cost rises rapidly than resources cost. Their salary will be automatically increased when the Consumer Price Index rises.
The final decision regarding whether or not an internal audit engagement's goals have been attained rests with the specific internal audit staff member.
Who approves the internal audit plan?
- The governing body and senior management should concur on the internal audit charter.
- The internal audit's scope, independent reporting relationships, authority, responsibility, and requirement to adhere to IIA Standards should all be listed in the charter, at the very least.
Who is in charge of the internal auditing task?
- Usually, the audit committee, the accounting officer, or the board of trustees are responsible for this.
- The internal audit activity needs qualified, competent, and experienced personnel who can operate in accordance with the Code of Ethics and the International Standards if it is to be effective.
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The two smallest forms of government in the United States are a county and a municipal state.
All states are subdivided into provinces for smooth management. It acts the first-tier administrative section of the states in order to manage their own issues. The municipal state was developed in order to provide general administration for a particular region which mainly dependent on the population of that area.
