Statements Internal auditing is an improve an organization's operations. objective assurance and consulting activity designed to add value and An operational audit focuses on the efficiency, effectiveness, and of operations. involves a meeting of the operational auditors and the persons directly concerned with the An operations audited to discuss the audit findings. In an audit in accordance with Government Auditing Standards, the auditors report on the organization's internal control. and on In an audit in accordance with the Single Audit Act, violations of laws and regulations that are estimated to have a material effect on an organization's financial statements are referred to as
Statements Internal auditing is an improve an organization's operations. objective assurance and consulting activity designed to add value and An operational audit focuses on the efficiency, effectiveness, and of operations. involves a meeting of the operational auditors and the persons directly concerned with the An operations audited to discuss the audit findings. In an audit in accordance with Government Auditing Standards, the auditors report on the organization's internal control. and on In an audit in accordance with the Single Audit Act, violations of laws and regulations that are estimated to have a material effect on an organization's financial statements are referred to as
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Compliance with laws and regulations
Direct and material
Economy
Exit conference
Foreign corrupt practices act
Independent
Institute of internal auditors
Material instances of noncompliance
Preliminary survey
Single audit act
Transcribed Image Text:Select the necessary words from the list of possibilities to complete the following statements.
Statements
Answer
Internal auditing is an
objective assurance and consulting activity designed to add value and
1.
improve an organization's operations.
2. An operational audit focuses on the efficiency, effectiveness, and
of operations.
An
involves a meeting of the operational auditors and the persons directly concerned with the
3.
operations audited to discuss the audit findings.
In an audit in accordance with Government Auditing Standards, the auditors report on
4.
the organization's internal control.
and on
In an audit in accordance with the Single Audit Act, violations of laws and regulations that are estimated to
5.
have a material effect on an organization's financial statements are referred to as
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