Internal auditors
Q: c) Which of the following is not an impact of SOX on auditors Multiple Choice a) Increased…
A: solution concept SOX Sarbanes Oxley Act is a act which aims at protecting the stakeholders of the…
Q: Explain what lapping means, and discuss the internal control deficiency that allows it discuss the…
A: Lapping: It is a type of cash embezzlement or fraud perpetrated by a firm employee. When cash is…
Q: 8 From the information given below, identify a statement which deals with appropriateness of audit…
A: Auditing refers to the independent checking of a company's operation by the outsider known as an…
Q: Which of the following audit engagements is least likely to be performed by internal auditors solely…
A: Which of the following audit engagements is least likely to be performed by internal auditors solely…
Q: According to Sarbanes-Oxley, the audit committee must pre-approve all audit and non-audit services.…
A:
Q: This audit tool is very useful in alerting or identifying any deviations from normal expectations…
A: An audit tool, in general, is anything that auditors use to accomplish an audit.
Q: Select each attribute with the most directly related term. No term is used more than once.…
A: Audit is the inspection of the accounts of organisation. It is performed by an independent body. The…
Q: ll statements are true B. all statements are false C. S1 and S2 are true D. S1 and S3 are true
A: Correct option : A
Q: audit engagement
A: Statement 1 is correct because an audit engagement is opinion based. The auditor conducts the…
Q: 1: The documentation of internal controls pertain only to those controls that are relevant to the…
A: Answer: 1: The documentation of internal controls pertain only to those controls that are relevant…
Q: The following are concepts discussedin this chapter:1. Preliminary judgment about 7. Estimated total…
A: a. Following items are audit planning decisions that require professional judgment as follows: 1.…
Q: Which of the following is not a scope of internal auditors? Efficient Use of Resources Services to…
A: The scope of internal audit means the range of activities and records which can be subjected to…
Q: Tests of controls are most likely to be omitted when(1) an account balance reflects many…
A: Option C is correct
Q: Which of the following are common issues with benchmarking tool used by internal auditors?…
A: Benchmarking means analysing and comparing the performance of one (our) company with the other…
Q: Which of the following are common issues with benchmarking tool used by internal auditors? Group of…
A: Auditing Auditing is one of the important part in the accounting work which ensures the quality in…
Q: The following questions deal with assessing controlrisk in a financial statement audit. Choose the…
A: Internal controls can be defined as the procedures to be followed in order to ensure the accounting…
Q: Which of the following is least likely to be a factor that might indicate to an auditor that an…
A: special considerations are used by auditors where there is a high risk of material misstatements in…
Q: Which among the following is the most important limitation of an audit, which result in most of the…
A: the audit is an independent examination of financial information of an entity whether…
Q: Which of the following statements is incorrect regarding the reliability of audit evidence? a.…
A: The audit is an independent examination of financial information of an entity whether…
Q: When considering internal control, an auditor must be aware of the concept ofreasonable assurance,…
A: Auditing is a gathering of information and evaluation of evidence as to report on the degree of…
Q: ’t these types of controls automatically make a correction in the identified error? Why are…
A: Internal control: Internal control involves the norms and rules which are followed by the company to…
Q: Statement on Auditing Standards No. 99 (AU 316) includes which of these recommendations? Group of…
A: SAS no. 99 defines a procedure in which the auditor acquires data to find risks of significant…
Q: When the auditor identifies that a key control absent he/she would most probably: Select one: a.…
A: d. Issue a qualified or disclaimer of opinion on internal controls over financial reporting.…
Q: 32. which of the following is not an appropriate reporting option one component Auditors are…
A: The auditor's report includes a documented letter again from auditors stating whether financial…
Q: Generally, audit evidence cannot be obtained entirely through substantive procedures True or…
A: Substantive procedures are the method or audit tests designed by an auditor to evaluate the…
Q: Give one reason why performing advisory services could enhance audit quality. Give one reason why…
A: Here discuss about the details of the importance of performance advisory service which are needed…
Q: explain each choices. Reportable conditions are matters that come to an auditor's attention and that…
A: Internal Control: An entity's board of directors, management, and other people are the ones who…
Q: 3. Which of the following is NOT part of the control activities applicable to Financial Statement…
A: Solution Concept Financial statement audit During the audit of the financial…
Q: 19-Which among the following is the most important limitation of an audit, which result in most of…
A: External audit means the examination performed by an external party who is professionally qualified…
Q: - Quality control policies and procedures should be implemented at both the level of the audit firm…
A: Answer: - Quality control policies and procedures should be implemented at both the level of the…
Q: Following are examples of control deficiencies that may represent significant deficiencies or…
A: Whether a deficiency is classified as a significant deficiency or a material weakness is determined…
Q: Which of the following does not accurately summarize auditors’ requirements regardinginternal…
A: Internal control: Internal control is a process which ensures continuous reliability of…
Q: Critical audit matters are most likely to include those matters that: Multiple Choice Are…
A: A CRITICAL AUDIT MATTER IS ANY MATTER THAT IS COMMUNICATED OR REQUIRED TO BE COMMUNICATED TO THE…
Q: Required For each of the questions above, answer the following: a) State the purpose of the internal…
A: Here asked for multi sub part question we will solve for first three sub part question for you. If…
Q: Which of the following statements is/are correct? Statement I. Internal auditors should have the…
A: Audit refers to examination of the books or financial statements of the entity and it is done to so…
Q: Select which option is correct. Select one or more: A. The level of professional skepticism can be…
A: Professional skepticism is an attitude that includes a questioning mind, being alert to conditions…
Q: Which of the following statements about management assertions, audit objectives, and audit evidence…
A: The overall objective of an auditor express an opinion on financial statements that it represents…
Q: In this stage of the operations audit process, assess conformity with the program, schedule, and…
A: As per the answer guideline single question is answered. In Operational Audit, The Audit process…
Q: {Auditing} 34. Internal Control goes beyond accounting function and incorporates both accounting and…
A: Internal control is the function of ensuring the integrity of the financial statements. It is done…
Q: When searching for the root cause of issues, auditors are effectively searching for the source of…
A: Whenever auditor or management finds out that there are issues in the company. They try to find out…
Q: Which of the following is correct about audit opinion? a. It does not assure the future viability of…
A: Correct option is A It does not assure the future viability of the entity Explanation The auditor's…
Q: In a non public audit (AICPA), auditors might chose to not test controls if Select an answer and…
A: As part of audit, it is based on the auditors judgement only to select the appropriate level of risk…
Q: State with reasons (in short) whether the following statements are correct or incorrect (a) The…
A: As per our protocol we provide solution to the first three sub-parts only in case of multiple…
Q: true about operational auditing
A: First option is false because operational audit is a type of audit of internal controls and…
10.Which of the following statements is/are correct?
Statement I. Internal auditors should have the authority to require implementation of suggestions for improvement.
Statement II. One disadvantage of functional auditing is the failure to evaluate interrelated functions.
9.The following are functions that should be segregated, EXCEPT
Step by step
Solved in 4 steps
- 17. Which of the following statements is/are correct? Statement I. Internal auditors should have the authority to require implementation of suggestions for improvement. Statement II. One disadvantage of functional auditing is the failure to evaluate interrelated functions. Group of answer choices Statement II only None of the statements Statement I only Statements I and IIWhen searching for the root cause of issues, auditors are effectively searching for the source of variation, which are often grouped into categories, which categories is not included. a. machines b. measurements c. system d. peopleSelect each attribute with the most directly related term. No term is used more than once. Attributes 1. Likelihood a misstatement will not be prevented or detected 2. Substantive procedures and tests of controls 3. Likelihood of misstatement assuming no controls 4. Reporting on internal control and financial statements 5. Creates a reasonable possibility a material misstatement will not be detected 6. Inquiries, analytical procedures, observation 7. Merits attention, less than a material weakness 8. GAAP 9. Inquire, inspect, observe, reperform 10. Follow a transaction through the system Term
- Discuss the objective of eliminating the receiving function.What accounting/audit problems need to be resolved?31. When searching for the root cause of issues, auditors are effectively searching for the source of variation, which are often grouped into categories, which categories is not included. Group of answer choices system measurements people machines4. This audit tool is very useful in alerting or identifying any deviations from normal expectations set by management based on planning phase. Group of answer choices Check Sheets Control Charts Pareto Charts None of the above Histograms
- Which of the following is not a function or benefit of a checklist? Providing evidence of audit planning Reducing workload for the auditee Reducing risk of auditor bias Maintaining the audit pace and continuity3.Residual risks are not: Group of answer choices Unaddressed risks Unmanaged risks Mitigated risks None of the choices Net risks 4. Recommendations should be included in final audit communications to: Group of answer choices Ensure that problems are resolved in the manner suggested by the auditor Provide management with options for addressing audit observations Minimize the amount of time required to correct audit observations Guarantee that audit observations are addressed, regardless of costWhich of the following is not a cause of mistakes in model building? Choices: A.Sub-optimal choice of functions B.Overconfidence, lack of checking and time constraints C.Inability to use logical functions D.Insufficient use of general best practices relating to flow, formatting and audit paths E.All of the choices are causes of mistakes
- : A. Explain Differences between Accountancy and Auditing B. Talk about the Disadvantages of the Occasional AuditFrom the options given below which of the following is not the reason of inherent limitation of audit? a. Limitation in accounting system O b. Use of human judgment O c. Poor planning O d. Human errorsUrgent Answer please 2. Explain Audit Commitee by decribing the role and responsibilities. This is full question and not an eassy question at all. Answer must be plagirism free and in reasonable length. Length should not be too short or too long. Give reasonable answer please.
