16. True or False. Write true if the statement is correct, or false if the statement is incorrect. If true, explain why in one(1) or two(2) complete sentences, and if false, correct the státement in at least one(1) complete sentence. The internal auditor is a company employee and a full-fledged CPA. b. The main objective of the independent auditor is to fulfill the needs of the general public for reliable financial statements. c. Independent auditing is also known as compliance auditing. d. Internal auditing is also known as operational auditing. e. BIR auditing is also known as compliance auditing. f. The internal auditor is directly concerned with the detection and prevention of fraud. g. The independent auditor is also directly concerned with the detection and prevention a. of fraud, just like the internal auditor. h. Independent auditing is a “broken" activity, unlike internal auditing which is done continuously. The internal auditor should be independent of the treasurer and chief accountant, but i. subservient to the needs of the other members of management.
16. True or False. Write true if the statement is correct, or false if the statement is incorrect. If true, explain why in one(1) or two(2) complete sentences, and if false, correct the státement in at least one(1) complete sentence. The internal auditor is a company employee and a full-fledged CPA. b. The main objective of the independent auditor is to fulfill the needs of the general public for reliable financial statements. c. Independent auditing is also known as compliance auditing. d. Internal auditing is also known as operational auditing. e. BIR auditing is also known as compliance auditing. f. The internal auditor is directly concerned with the detection and prevention of fraud. g. The independent auditor is also directly concerned with the detection and prevention a. of fraud, just like the internal auditor. h. Independent auditing is a “broken" activity, unlike internal auditing which is done continuously. The internal auditor should be independent of the treasurer and chief accountant, but i. subservient to the needs of the other members of management.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Transcribed Image Text:16. True or False. Write true if the statement is correct, or false if the statement is incorrect.
If true, explain why in one(1) or two(2) complete sentences,
státement in at least one(1) complete sentence.
The internal auditor is a company employee and a full-fledged CPA.
b. The main objective of the independent auditor is to fulfill the needs of the general
public for reliable financial statements.
c. Independent auditing is also known as compliance auditing.
d. Internal auditing is also known as operational auditing.
BIR auditing is also known as compliance auditing.
f. The internal auditor is directly concerned with the detection and prevention of fraud.
g. The independent auditor is also directly concerned with the detection and prevention
of fraud, just like the internal auditor.
h. Independent auditing is a "broken" activity, unlike internal auditing which is done
continuously.
The internal auditor should be independent of the treasurer and chief accountant, but
and if false, correct the
a.
e.
i.
subservient to the needs of the other members of management.
14
J. Accounting controls are synonymous to administrative controls.
k. Bookkeeping is always a part of financial accounting.
1. Bookkeeping is sometimes a part of public accounting.
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