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

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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The evidence considered most appropriate by auditors is best described asa. Internal documents such as sales invoice copies produced under conditions of stronginternal control.b. Written representations made by the president of the entity.c. Documentary evidence obtained directly from independent external sources.d. Direct personal knowledge obtained through physical observation and mathematicalrecalculation
How does Federal Law impact the scope, methodologies, and reporting requirements for integrated, performance, and other audits conducted within the public sector, and what are the key challenges auditors face in ensuring compliance with legal mandates while maintaining audit quality and transparency
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If the entity is subject to PCAOB requirements regarding communication about control deficiencies(AS 1305), what written representations should auditors obtain from the client with respect tointernal control over financial reporting?
Instead of paying estimated tax by the usual due dates, farmers or fishermen may elect to make no estimated tax payments, file their returns, and pay the entire tax due on or before March 1, or they may make one estimated tax payment on or before January 15 and file their return on or before April 15. What is the gross income requirement that qualifies a farmer or fisherman for this estimated tax rule? (A) At least 2/3 of total gross income for the preceding year was from farming or fishing, OR at least 2/3 of total gross income for the current year is from farming or fishing. (B) At least 90% of total gross income for the preceding year was from farming or fishing. (C) At least 3/4 of total gross income for the current year is from farming or fishing. (D) At least 2/3 of total gross income for the preceding year was from farming or fishing, AND at least 2/3 of total gross income for the current year is from farming or fishing
What are the major differences between independent auditors’ reports on financial statementsand internal and governmental reports on efficiency, economy, and program results audits?
Question 18 According to the PCAOB, during the audit of internal controls for an issuer (public company), the ultimate objective of testing the design effectiveness of internal controls is to: Determine whether the company's controls are processing data effectively. Determine whether the company's controls will satisfy control objectives and prevent or detect errors or fraud that could result in material misstatements to the financial statements. Determine that the company's employees are processing the controls according to policy and procedures manuals at the company. None of the answers provided are correct..