Many accounting professionals work in one of the following three areas. A. Financial accounting B. Managerial accounting C. Tax accounting Identify the area of accounting that is most involved in each of the following responsibilities. 1. Internal auditing2. External auditing3. Cost accounting4. Budgeting5. Enforcing tax laws6. Planning transactions to minimize taxes7. Preparing external financial statements8. Analyzing external financial reports

B. Managerial accounting - 1. Internal auditing A. Financial accounting - 2. External auditing B.…

Answered: 1. Internal auditing 2. External…

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

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

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

Chapter3: Internal Control Over Financial Reporting: Responsibilities Of Management And The External Auditor

Section: Chapter Questions

Problem 1CYBK

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Many accounting professionals work in one of the following three areas. A. Financial accounting B. Managerial accounting C. Tax accounting Identify the area of accounting that is most involved in each of the following responsibilities.

1. Internal auditing
2. External auditing
3. Cost accounting
4. Budgeting
5. Enforcing tax laws
6. Planning transactions to minimize taxes
7. Preparing external financial statements
8. Analyzing external financial reports

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