Section: Principles of Management
24)
A/An ________ is a formal evaluation of an organization's financial statements, performed either by an outside accounting firm or by an internal department.
-
-
-
-
-
Explanation
An audit is when either an external accounting firm or an internal auditing department performs a formal evaluation of an organization's financial statements. A company may also perform a management audit which is when they review their goals and the status of the plans operating to achieve these goals.