Audit committees have an essential role to play in ensuring the integrity and transparency of corporate reporting. The external auditor will normally report to the audit committee on all the following matters except:  Select one: a. Detected frauds.

Which of the following is true of the Audit Committee? O It is composed of a group of stockholders. O It includes both the internal auditors and the external auditors of a company. It is the group that conducts the audit of a company. Its main purpose is to report errors on the company's financial statements to the SEC. It is another term for the internal auditing department of a company.

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Which of the following best describes the main goal of any audit or due diligence project? A. Make sure the financial processes, and operational details of a corporation are proper B. Get the company successfully through an SEC investigation C. Find all the things that are wrong in a corporation's financials D. None of these ans

Which of the following parties are responsible for the detection of errors and accounting irregularities in a company's financial statements? Multiple Choice O internal audit staff and audit committee of the board of directors. all of these answer choices are correct. the SEC staff during their review process external auditors

Select the appropriate provisions of the Sarbanes-Oxley Act (SOX) for each of the following descriptions. Descriptions Major Provisions of the Sarbanes-Oxley Act a. Executives must personally certify the company's financial statements. b. Audit firm cannot provide a variety of other services to its client, such as investment advising. c. PCAOB establishes standards related to the preparation of audited financial reports. d. Lead audit partners are required to change every five years. e. Management must document the effectiveness of procedures that could affect financial reporting.

Financial statements that have been audited and verified by an external auditor are considered more reliable in the business marketplace than those that have not. Hence, the role of an external auditor in financial report audit is to: Select one:a. Prevention and detection of unauthorised executive perks. b. Express an opinion whether the client's financial reports are fairly presented. c. Ensure the consistent implementation of policies and procedures. d. Ensure the consistent application of accounting policies.

The purpose of an audit is to A. provide financial statement users with an opinion by an independent auditor on whether the financial statements are presented fairly in accordance with an applicable financial reporting framework B. provide internal auditors with an opinion by the external auditor on whether the financial statements are presented fairly in accordance with an applicable financial reporting framework C. provide absolute assurance that the financial statements conform to Generally Accepted Accounting Principles (GAAP) D. help management ensure yearly bonuses will be received

Section 301 of the Sarbanes-Oaxley requires that public companies have an audit committee. Independent auditors are increasingly involved with audit committees.  Required: a. Describe what an audit committee is. b. Identify the reasons why audit committees have been formed and are currently in operation. c. Describe the functions of an audit committee.

An auditor issues an audit report that expresses three opinions. Which of the following is not one of those opinions?   Question 23 options:   a)  whether management’s assessment of the company’s internal control over its financial reporting is appropriate   b)  whether management’s assessment that the financial statements are based upon the proper use of GAAP   c)  whether the company maintained effective internal control over its financial reporting   d)  whether the company’s financial statements present fairly the results of operations and cash flows in conformity with GAAP