7) Compare and contrast between external audit and internal audit in the public sector.

Q: Which of the following is usually not part of an internal audit department’s audit charter?a. A…

A: Internal Auditor: An internal auditor is a qualified professional hired by an entity to provide an…

Q: How does the scope of practice differ for governmental audits?

A: Given: The scope of practice differ from government audits.

Q: Evaluate the value of the internal audit function to an organization's overall performance.

A: Introduction: The audit is defined as the evaluation and analysis of the financial statements and…

Q: Compare and contrast the work of external and internal audit in relation to internal controls.

A: Internal control is an important part of every organization. It helps in maintaining the efficiency…

Q: Compare and contrast the work of an internal auditor and an independent external auditor.

A: An audit report is provided by the independent external auditor of the company that contains the…

Q: Which type of audit is an investigation into whether or not the use of resources is economic,…

A: a. Forensic Audit : It is an independent examination of company's financial information to determine…

Q: Clarify the difference between an organization's audit committee and its internal audit department.

A: Difference between an organisation's audit committee and internal audit department are the…

Q: What are considerations you will observe in evaluating the internal control of an audit engagement?…

A: Internal control refers to the activities performed by the management of the organization to ensure…

Q: Assess the value of an organization's internal audit function to its overall success

A: Accounting is described as the process of evaluating and analyzing financial statements and other…

Q: These are standards against which the assertions or representations are judged. They maybe specific…

A: Audit objectives :-  are the goals or purposes of an audit, outlining what the auditor aims to…

Q: Discuss the similarities and differences between the independent external auditors and internal…

A: Internal auditors and external auditors are both types of auditors, but they perform different types…

Q: what is the  purpose of the Generally Accepted Government Auditing Standards

A: Generally Accepted Government Auditing Standards (GAGAS) are issued by the Comptroller General and…

Q: Explain how an audit committee could improve its effectiveness on internal auditor's internal…

A: An audit committee is a board of directors committee that is in charge of overseeing the financial…

Q: What auditing services do governmental auditors provide?

A:

Q: Which department is IN charge in overseeing the External Audit Activity?   Audit Committee Internal…

A:

Q: The following are types of audits, except: Group of answer choices: Tax Compliance Audit Pro…

A: A process of analysis of financial information to assure its users about its completeness and…

Q: What rules must auditors follow for governmental audits?

A:

Q: determine whether true or false S1- The extent of planning will vary accordingly to the size of the…

A: The answers and relevant explanation for the True or false questions are presented hereunder : The…

Q: Describe the ASB's Clarity Project. Why is this so important for the auditing profession?

A: Auditing Standard Board (ASB) is a board which issues guidelines and rule pronouncements that need…

Q: An independent examination and evaluation of the financial statements of an organization is called…

A: Businesses are often managed and controlled by managers that are hired employees of the…

Q: Advantages/disadvantages of internal and external audit of the public sector.

A: INTERNAL AUDIT   Internal audit means the evaluation of operations, records and procedure of an…

Q: Identify the need for and state TWO of the major issues the Internal Audit Charter must cover in a…

A: The Internal Audit Charter is a Formal doc that states the purpose, responsibility, authority and…

Q: advantages of external private audit?

A: External Private audit: An independent review and investigation of financial statements which are…

Q: What is/are the possible collaboration/s among the Audit Committee, accounting external auditors,…

A: An external audit represents an unbiased examination of the financial statement prepared by the…

Q: Cost of audits and SEC disclosures is known in agency theory as: O 1) Monitoring cost. 2) Audit…

A: The cost of audit refers to the charges incurred by a company to engage an external adjudicator to…

Q: Name some other types of auditors in addition to external, internal, and governmental auditors.

A: A forensic auditor is a type of auditor other than the external, internal and governmental auditors.

Q: Evaluate the contribution of the internal audit function to the effective running of an…

A: Audit is defined as the evaluation and analysis of the financial statements and information dealt by…

Q: How does the Single Audit Act work?

A: Disclaimer: “Since you have asked multiple question, we will solve the first question for you. If…

Q: Explain what is meant by the Single Audit Act. What is its purpose?

A: Single Audit Act refers to the auditing of organization's wide financial statement and federal…

Q: Audit staff member who coordinates similar audit programs.

A: Audit Team: An audit team is a self-contained unit inside a company that assists the auditor in…

Q: What is the audit committee’s contribution to strategy?

A: An audit committee is a committee which looks after, directs and guides for the financial process,…

Q: In an audit in accordance with Government Auditing Standards, the auditors are required to provide a…

A: Government Auditing Standards (GAS) are a set of auditing standards issued by the U.S. Government…

Q: y be more successful in its monitoring and assessment of internal controls by internal auditors.

A: Internal controls are policies  processes used by management to guarantee that  financial statements…