Internal auditors are responsible for:   A) Issuing a certification report on the internal controls. B) Auditing the financial statements. C) The day-to-day monitoring of internal controls. D) Preparation of the financial statements.

Q: Which of the following internal control components involves the ongoing evaluation of the…

A: Internal controls are implemented to prevent fraud in the organization. These are the rules or…

Q: Auditing Sales/Revenue Transactions When an auditor needs to obtain an understanding of the overall…

A: Management Assertions: For financial records and disclosures to be accurate and suitable, assertions…

Q: An auditor's primary consideration regarding an entity's internal controls is whether they a.…

A: In most cases, those responsible for putting up a company's financial statements will rely on five…

Q: When testing IT controls, which of the following BEST (select one) describes the IT auditor's focus:…

A: IT controls audit is the process of evaluating an organization's IT controls to determine their…

Q: A tool used by auditors that serves as a cue to guiding audit planning  around management’s…

A: Auditor is an individual approved to audit and confirm the exactness of monetary records and…

Q: After the financial statements are issued, auditors finish the substantive procedures. Identify the…

A: Introduction: Substantive processes must be carried out after the date of financial statements.

Q: Monitoring internal control systems is the primary responsibility of the: A) Internal Auditors B)…

A: Internal controls are those controls and measures which are implemented for the purpose of effective…

Q: The particular and specialized actions that auditors take to obtain evidence during a specific…

A: Auditing:   In auditing, auditors verify the correctness and fair presentation of financial…

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: The auditor use the analytical procedure at various stages of audit: 1. Evaluate the operating…

A: Auditing is performed so as to anlayze the financial statements of the business for their…

Q: When auditing the accounts payable balance on the balance sheet, an auditor’s procedures most likely…

A: Auditing is the inspection of the financial records of the company or organisations with no bias and…

Q: An auditor is required to obtain sufficient understanding of each component of an entity’s internal…

A: As part of the audit planning process, an auditor needs to obtain a sufficient understanding of the…

Q: Identify from the following the department who are responsible to appoint internal auditors and…

A: Internal audit is one of the pivotal pillars of the internal control mechanism of the organisation

Q: Justify the purpose of performing a financial statement audit and an internal control audit.

A: Introduction: The audit reviews a financial statement that verifies that all financial transactions…

Q: An audit strategy memorandum containsa. Specifications of auditing standards relevant to the…

A:

Q: The auditor should assess control risk for each relevant assertion by evaluating the evidence…

A: Relevant assertion: The assertion that shows the possibility of happening a material misstatement is…

Q: itors are responsible for issuing on opinion on all of an audit client's internal controls,…

A: Auditing -An audit is a crucial accounting term that refers to the review and validation of a…

Q: When planning the audit of internal controls for an issuer, the audit team shoulda. Identify…

A: Internal control is a mechanism or procedure that the company implements so that the integrity of…

Q: Which of the following audit types is designed to add value and improve the organization's…

A: Auditing is a process of examining the financial statements and internal control system of an…

Q: The SEC requires the MD&A report as well as the audit attestation on management’s assessment of…

A: MD&A report means management discussion and analysis report. The MD&A report forms a part of…

Q: Analytical procedures used when planning an audit should concentrate ona. Weaknesses in the…

A: Analytical procedures are used by the auditors to analyze the accounts and transactions of the…

Q: External auditors are obviously responsible for the audit of the financials.  However what is their…

A: Audit definition -  The audit is an independent examination of financial information of an entity…

Q: Entity level controls are designed and placed in the operation once auditors determine that Select…

A: Entity levels controls are those internal controls which help in ensuring that the management…

Q: In the Management Report contained in the audited annual report, managemerit acknowledges its…

A: Audited Annual Report is a comprehensive financial document that an organization produces on a…

Q: Significant deficiencies in internal control are required to be reported a. Management of the unit…

A: A deficiency in internal control exists when the design or operation of a control does not allow…

Q: An audit plan containsa. Specifications of audit standards relevant to the financial statements…

A: Answer: b. Specifications of procedures the auditors believe appropriate for the financial…

Q: Identify the major disclosures in the auditor's report and understand management's responsibilities…

A: An audit is an independent examination of the books of the accounts and financial statements whether…

Q: Reading BOD minutes of meeting by the internal auditors is an example of an audit procedures called:…

A: An auditor is a person appointed to check the accuracy of the financial statements of the company.

Q: Which of the following is required documentation in an audit in accordance with generally…

A: According to generally accepted auditing standards (GAAS), an auditor is required to document the…

Q: Service organization control (SOC) reports may be requested by auditors when a service organization…

A: SOC Type 1 report evaluates the control of service organization over financial reporting. The report…

Q: List the major components of the auditors’ report on internal control over financial reporting.

A: Internal Controls: Internal controls are the controls established within an organization to check…

Q: The management letter is used: A) to list all reportable conditions with respect to internal…

A: The audit is the exam or inspection of numerous book bills through an auditor observed through…

Q: Analytical procedures are generally used to produce evidence froma. Confirmations mailed directly to…

A:

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…