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independent auditon

independent auditon

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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True or False. Write true if the statement is correct, or false if the statement is incorrect. If true explain why in at most two(2) sentences, and if false, correct the statement in at least one(1) sentence. g. The independent auditor is also directly concerned with the detection of prevention of fraud, just like the internal auditor. h. Independent auditing is a "broken" activity, unlike internal auditing which is done continuously. i. The internal auditor should be independent of the treasurer and chief accountant, but subservient to the needs of the other members of management.
Transcribed Image Text:True or False. Write true if the statement is correct, or false if the statement is incorrect. If true explain why in at most two(2) sentences, and if false, correct the statement in at least one(1) sentence. g. The independent auditor is also directly concerned with the detection of prevention of fraud, just like the internal auditor. h. Independent auditing is a "broken" activity, unlike internal auditing which is done continuously. i. The internal auditor should be independent of the treasurer and chief accountant, but subservient to the needs of the other members of management.
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