Independent auditors perform audits on thefinancial reports of public companies. Thistype of auditing can best be described as:Select one:O 1. a discipline that assures financialinformation presented bymanagement.O 2. an activity whose purpose is tosearch for irregularities.3. a regulatory function that preventsthe issuance of improper financialinformation.O 4. a professional activity thatmeasures and communicatesfinancial and business data.

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Answered: Independent auditors perform audits on…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Similar questions

Other than technical knowledge of accounting standards, etc., what other skills are critical for auditors and accountants who plan to engage in forensic accounting and fraud examination?
Auditors of both public companies and private entities _______. A. have a responsibility to report internal control weaknesses to the internal audit function, for immediate rectification B. have a responsibility to report internal control weaknesses directly to the SEC C. have a responsibility to report internal control weaknesses directly to the shareholders of an entity, who in turn should address their concerns to management D. have a responsibility to report internal control weaknesses to those charged with governance of the entity
Audited financial statements are prepared by: Management O Company Salesmen O Directors Auditors
The CPA's role in performing audits is important to our society because: O an audit of financial statements helps investors and others know that they can rely on the information presented in the financial statements. O auditors have the primary responsibility for the information contained in the financial statements. auditors issue reports on the accuracy of each financial transaction. auditors provide direct financial advice to potential investors.
Business risk must be assessed in performing an audit. a) Define business risk in association with an audit and describe several sources of such risk. b) How does business risk relate to the performance of preliminary analytical procedures in an audit? c) There are four major areas in planning an audit engagement and there are sub-parts to each of the four major areas. Please identify the four major areas and the sub-parts that are associated with the major areas.
which of the following areas would an internal audit be required to have proficiency when carrying out an audit of corporate governance processes? a. management and financial accounting b. computerized management information systems c. internal auditing standards, procedures, and techniques d. Fundamentals of commercial law
a) Auditors (Internal & External) are required to deal with fraud and error which represents risks to an entity. Their responsibilities however differ in relation to fraud and risks Required: (i) Explain what role the internal audit function plays in relation to risks of fraud and error in an entity. (ii) Whataretheresponsibilitiesofanexternalauditorinrelationtotheriskoffraud and error during the audit of financial statements?

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