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True or False. Write true if the statement is correct, or false if the statement is incorrect. If true explain why in at most two(2) sentences, and if false, correct the statement in at least one(1) sentence.

True or False. Write true if the statement is correct, or false if the statement is incorrect. If true explain why in at most two(2) sentences, and if false, correct the statement in at least one(1) sentence.

FINANCIAL ACCOUNTING
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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Auditing Theory Graded Assignment based on page 6 Questions to be answered: (Internal auditing & independent auditing compared) True or False. Write true if the statement is correct, or false if the statement is incorrect. If true explain why in at most two(2) sentences, and if false, correct the statement in at least one(1) sentence. a. The internal auditor is a company employee and a full-fledged CPA. b. The main objective of the independent auditor is to fulfill the needs of the general public for reliable financial statements. c. Independent auditing is also known as compliance auditing. d. Internal auditing is also known as operational auditing. e. BIR auditing is also known as compliance auditing. f. The internal auditor is directly concerned with the detection and prevention of fraud. g. The independent auditor is also directly concerned with the detection of prevention of fraud, just like the internal auditor. h. Independent auditing is a "broken" activity, unlike internal auditing which is done continuously. i. The internal auditor should be independent of the treasurer and chief accountant, but subservient to the needs of the other members of management. j. Accounting internal control is synonymous to administrative internal control. k. Bookkeeping is always a part of financial accounting. m. Bookkeeping is sometimes a part of public accounting.
Transcribed Image Text:Auditing Theory Graded Assignment based on page 6 Questions to be answered: (Internal auditing & independent auditing compared) True or False. Write true if the statement is correct, or false if the statement is incorrect. If true explain why in at most two(2) sentences, and if false, correct the statement in at least one(1) sentence. a. The internal auditor is a company employee and a full-fledged CPA. b. The main objective of the independent auditor is to fulfill the needs of the general public for reliable financial statements. c. Independent auditing is also known as compliance auditing. d. Internal auditing is also known as operational auditing. e. BIR auditing is also known as compliance auditing. f. The internal auditor is directly concerned with the detection and prevention of fraud. g. The independent auditor is also directly concerned with the detection of prevention of fraud, just like the internal auditor. h. Independent auditing is a "broken" activity, unlike internal auditing which is done continuously. i. The internal auditor should be independent of the treasurer and chief accountant, but subservient to the needs of the other members of management. j. Accounting internal control is synonymous to administrative internal control. k. Bookkeeping is always a part of financial accounting. m. Bookkeeping is sometimes a part of public accounting.
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