A liability arising from a past event, whose existence depends on a future uncertain event, is known as: MCQ with Answer and Explanation

Explanation:
Internal audit is an independent, objective assurance function within an organization, distinct from external statutory audits.

Explanation:
AI automates routine tasks like data entry and enhances fraud detection by recognizing patterns (anomalies) faster than human auditors.

Explanation:
S1 is the correct definition of a cost driver. S2 is incorrect because duration drivers (which measure the time taken) are generally more accurate than transaction drivers (which merely count the number of times an activity occurs), though transaction drivers are cheaper to implement.