Which of the following are common issues with benchmarking tool used by internal auditors? Group of answer choices Benchmarking information is often proprietary and organizations are reluctant to share it with other organizations. Benchmarking need face-to-face contact or discussion with other organizations Benchmarking can show areas of excellence within the organization but internal audits should focus on exception-based reporting Typical metrics used in benchmarking are time, quality, and cost

Which of the following are common issues with benchmarking tool used by internal auditors? Group of answer choices Benchmarking information is often proprietary and organizations are reluctant to share it with other organizations. Benchmarking need face-to-face contact or discussion with other organizations Benchmarking can show areas of excellence within the organization but internal audits should focus on exception-based reporting Typical metrics used in benchmarking are time, quality, and cost

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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Which must the auditor communicate to management? A. B. C. D. Known Material Weaknesses Yes Yes No No Known Significant Deficiencies Yes No Yes No
Which of the following BEST (select one) describes why risk assessment can be viewed as the foundation of the audit function: a) Risk assessment provides a framework for allocating limited resources to achieve maximum benefits and value derived from the audit process. b) Risk assessment enables flexibility in approaching audits and the performance of control testing. c) Risk assessment enables an orderly approach to conducting audits. d) Rsk assessment provides for a measurement criteria to evaluate audit results and communicate to management.
The Audit Expectation Gap A significant number of the concepts and processes we examined during the unit raised concerns around the audit expectation gap (see Porter, 1993). In a 2018 discussion series, KPMG focused on the need for better communication by auditors with stakeholders and users as being an important component in reducing the scope of the expectation gap. In their report, KPMG (2018) stated: 'Better and more communication about what matters to our stakeholders is one of the ways in which the audit profession can improve its relevance and restore trust'. Required: Critically evaluate the role of 'better and more communication' in reducing the scope of the expectation gap. In your answer, you may wish to think about the role of communication in relation to the three components of the expectations gap discussed by Porter (1993), including deficient performance, deficient standards and unreasonable expectations.
- Quality control policies and procedures should be implemented at both the level of the audit firm and on an individual audits - The policies and procedures adopted by the individual audit firms should not varu since PSA 220 prescribed quality control policies and procedures that must be adopted by all auditing firms. A. False, true B. False, False C. True, True D. True, False
6. Risk assessment most commonly focuses on two criteria - impact and likelihood. As an organization's risk assessment process evolves, what other criteria might be valuable to consider and why? 1. They should also consider changes in the process since the last audit because that will help them better understand impact and help answer questions about what caused the issue.
What is the benefit of continuous auditing? (Select the BEST answer) a) Faster identification of risk and controls assurance b) Inexpensive to implement c) Skilled resources are readily available
34. Which of the following statements regarding types of operational audits is false? Group of answer choices Special operational auditing assignments arise at the request of management The emphasis in an organizational audit is on how efficiently and effectively functions interact A functional audit has the advantage of permitting specialization by auditors An advantage of functional auditing is its ability to evaluate interrelated functions
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When a substantive audit strategy is adopted, an auditor will O determine internal controls are effective in mitigating risks. O increase the amount of their substantive testing. O test controls extensively. O not need to document the internal control system.
In assessing the possibility of invalid data in a human resources computer system, such as incorrect job classifications, ages exceeding retirement age, or erroneous ethnic classifications, the auditor should employ the following approach to determine the potential extent of the problem:Select one: a. Submit test data to test the effectiveness of edit controls over the input of data. b. Use generalized audit software to select a sample of employees. Use the sample to determine the validity of data items and project the result to the population as a whole. c. Review and test access controls to ensure that access is limited to authorized individuals. d. Use generalized audit software to develop a detailed report of all data outside specified parameters.