Under a process costing system, direct labor costs are assigned to the Work-in-Process Inventory account of the department for which they are incurred

Which of the following ERM activities should the internal audit function not undertake?

a) Giving assurance that risks are correctly evaluated. b) Reviewing the management of key risks. c) Deciding on the appropriate risk response. d) Consolidating the reporting on risk across the organization.

Economy of scale is minimized when a firm achieves the best operating level

a. true b. false