. . . . . . . Secure the commitment of top managers and board of directors Establish a committee to oversee the ethics audit Define the scope of the audit process, including subject matter areas important to the ethics audit Review the organization's mission, policies, goals, and objectives and define its ethical priorities Collect and analyze relevant information in each designated subject matter area Have the results verified by an independent agent Report the findings to the audit committee and, if approved, to managers and stakeholders Sources: These steps are compatible with the social auditing methods prescribed by Warren Dow and Roy Crowe in What Social Auditing Do for Voluntary Organizations (Vancouver, WA: Volunteer Vancouver, July 1999), and Sandra Waddock and Neil Smith in "Corporate Responsibility Audits Doing Well by Doing Good," Sloan Management Review 41 (2000): 79.

. . . . . . . Secure the commitment of top managers and board of directors Establish a committee to oversee the ethics audit Define the scope of the audit process, including subject matter areas important to the ethics audit Review the organization's mission, policies, goals, and objectives and define its ethical priorities Collect and analyze relevant information in each designated subject matter area Have the results verified by an independent agent Report the findings to the audit committee and, if approved, to managers and stakeholders Sources: These steps are compatible with the social auditing methods prescribed by Warren Dow and Roy Crowe in What Social Auditing Do for Voluntary Organizations (Vancouver, WA: Volunteer Vancouver, July 1999), and Sandra Waddock and Neil Smith in "Corporate Responsibility Audits Doing Well by Doing Good," Sloan Management Review 41 (2000): 79.

Auditing: A Risk Based-Approach to Conducting a Quality Audit

10th Edition

ISBN:9781305080577

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter4: Professional Liability, Auditor Judgment Frameworks, And Professional Responsibilities

Section: Chapter Questions

Problem 23MCQ

See similar textbooks

Similar questions

The audit director in charge is available for consulting and he approves the audit engagement before its completion. This is part of what quality assurance activity? Select one: O a. Peer review O b. Leadership responsibility for quality within the audit fırm O c. Engagement performance O d. Monitoring O e. Human resources
Choose the preliminary engagement activity of an auditor. O a. Establishing an understanding of the term overall audit strategy O b. Assist the management in identifying and evaluating events O c Establishing an understanding of the terms of the engagement O d. Establishing an understanding of the term of audit planning
an an audit of tion Which one of the following document is considered as a permanent audit file? Significant analysis of trends and ratio Important matters in the minutes of Board Meetings Evidence of the planning process of the audit Evidence that the work performed by assistants on
Problem 12: Describe the stages of an audit from beginning to end. Detail all steps in a comprehensive summary outlining individual steps and examples of how those steps would be displayed/observed/etc. in a company. Be sure to elaborate on each section by detailing, in simple terms, the objective of the specific stage. For example, Step 1: Plan the Audit > Establish an understanding with the client as to the nature of the engagement. The auditor should prepare an audit engagement letter that outlines……..
Terms of auditing and duties and responsibilities of auditors are discussed through a. Letter of acceptance b. Offer letter c. Letter of appointment d. Engagement lette
A review of how an organization’s management and its operating procedures are functioning with respect to their effectiveness and efficiency in meeting stated objectives. a. External Audit b. Operational Audit c. Cash Audit d. Internal Audit
The internal audit activity most directly contributes to an organization’s governance process by A. Identifying significant exposures to risk. B. Evaluating the effectiveness of internal control over financial reporting. C. Promoting continuous improvement of controls. D. Evaluating the design of ethics-related activities. Which of the following is nota role of the internal audit activity in best practice governance activities? A. Support the board in enterprise-wide risk assessment. B. Ensure the timely implementation of audit recommendations. C. Monitor compliance with the corporate code of conduct. D. Discuss areas of significant risks. According to COSO, culture is A. The behavior expected within the organization. B. The attitude and actions of the board and management regarding the importance of control within the organization. C. The combination of processes and structures within the…
{Auditing} 48. Identify the relevance of “Professional Competence and Due Care” with one of the following options. a. Duty of Auditor b. Powers of auditor c. Code of Ethics for professional accountants d. Role of Regulatory and professional bodies
Question 27 When completing the audit of internal controls for a public company the PCAOB requires auditors to audit internal controls over: Operations Compliance with regulations Financial Reporting All of the answers shown
Who is ultimately responsible for determining that the objectives for an internal audit engagement have been met? A The individual internal audit staff member. B The CAE. (C) The audit committee. The internal audit engagement supervisor.
Q. Who is responsible for preparing the overall audit strategy and the audit plan? a-Those charged with governance b-Management’s c-Accountant d-Auditor’s
27 As a student of Auditing subject, you are expected to be fully aware of the different types of audits and their purposes. Choose the type of audit which builds confidence in the integrity of corporate reporting for the benefit of stakeholders and society at large. a. Environmental Auditing b. Value for Money c. Internal Auditing d. External Auditing