IIA-IAP practice question 19 of 35
Internal and external benchmarking by the internal audit activity are examples of which of the following?
Full set: 100 questionsComprehensive and Detailed Step-by-Step Explanation: Analytical Procedures: Benchmarking compares an organization’s performance against internal or external standards, which is a core analytical procedure used to assess efficiency, effectiveness, or best practices.
Reference: IIA Standard 2320: Analytical Procedures and related Practice Guides explain benchmarking as a way to evaluate and compare operational or financial data. Other Options: Inquiry: Involves obtaining information from individuals but does not inherently involve data analysis or comparison. Confirmation: Typically involves verifying information from an external party, not benchmarking. Thus, the correct answer is C. Analytical Procedures.
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