ScottSACC7030-6

What is the primary purpose of an audit? O A. To decrease the workload of employees OB. To increase an organization's profits OC. To implement new technologies ○ D. To verify the correctness of representations made by the entity being audited

Which of the following BEST (select one) explains why IT governance provides a starting point for the IT auditor? a) IT governance provides a means to communicate relevant policies to management and staff.  b) IT governance is the responsibility of the board of directors and executive management. c) IT governance includes the tone at the top which influences the culture and overall acceptance of the IT audit process. d) IT governance focuses accountability at both management and staff during the employee evaluation process.

What is an auditor's main responsibility during an audit? OA. To provide an independent and objective verification process OB. To invest in new technologies OC. To manage the organization being audited OD. To plan company strategies

ning Objective 1 S8-1 Defining internal control Internal controls are designed to safeguard assets, encourage employees to follow company policies, promote operational efficiency, and ensure accurate accounting records. Requirements 1. Which objective do you think is most important? 2. Which objective do you think the internal controls must accomplish for the busi- ness to survive? Give your reason.

23. Which of the following best describes the scope of internal auditing as it has developed to date? Group of answer choices Internal auditing involves appraising the economy and efficiency with which resources are employed Internal auditing involves evaluating compliance with policies, plans, procedures, laws, and regulations Internal auditing has evolved to verifying the existence of assets and reviewing the means of safeguarding assets Internal auditing has evolved to more of an operational orientation from a financial orientation

PLEASE ANSWER ALL 10. Which of the following does the planning function involve?a. Analyzing financial statementsb. Setting goals and objectives for an entityc. Hiring the right people for a particular jobd. Coordinating the accounting information system 11. The ethical standards established for management accountant are in the areas ofa. Competence, licensing, reporting, and education.b. Budgeting, cost allocation, product costing, and insider trading.c. Competence, confidentiality, integrity, and objectivity.d. Disclosure, communication, decision making, and planning. 12. Management accountinga. Must follow generally accepted principles.b. Information should be developed within the same general accounting system asfinancial accounting.c. Deals primarily with the needs of parties external to the firm such as investors and creditors.d. Is just another financial term.

Aligning the                               to the organization's strategic objectives links the entire audit process to business objectives and enterprise-wide risks.  To effectively allocate audit resources, audit departments should develop a risk-based                               that takes into consideration the full audit universe and the risks associated with each audit universe item, including any departmental resource constraints. a) audit department; audit strategy  b) risk assessment; audit plan c) audit universe; audit approach  d) audit charter; audit budget

N.

37. Which of the following best describes the scope of internal auditing as it has developed to date? Group of answer choices Internal auditing involves evaluating compliance with policies, plans, procedures, laws, and regulations Internal auditing has evolved to verifying the existence of assets and reviewing the means of safeguarding assets Internal auditing involves appraising the economy and efficiency with which resources are employed Internal auditing has evolved to more of an operational orientation from a financial orientation

Which of the following are true regarding internal auditors and the adequacy of an organization's risk management process 1. Internal auditors must understand the risk assessment process and the tools used to make the assessment II. Internal auditors should determine the level of risks acceptable to the organization III. Internal auditors need to be satisfied that the key objectives of risk management processes are being met IV. Internal auditors should evaluate management's risk processes the same way they analyze risk when planning an engagement O I II, III and IV O None of the choices O , Il and III only O l and Il only