Which one of the following is not true about internal auditors? Reports to management or those charged with governance It is not necessary for the internal auditor to be an expert in all the branches of business Helps in improving the company's operations by reviewing the efficiency and effectiveness of internal controls Wider in scope and dependent on the requirements of the management

Which one of the following is not true about internal auditors? Reports to management or those charged with governance It is not necessary for the internal auditor to be an expert in all the branches of business Helps in improving the company's operations by reviewing the efficiency and effectiveness of internal controls Wider in scope and dependent on the requirements of the management

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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Public accounting businesses may achieve adequate professional standards only if they have an effective quality control and monitoring system in place.
Please respond promptly: When auditing a private company, the auditor should obtain an understanding of internal control sufficient to___________. Select one: a. Provide a method for safeguarding assets, checking the accuracy and reliability of accounting data, promoting operational efficiency, and encouraging adherence to prescribed managerial policies. b. Provide reasonable protection against client fraud and defalcations by client employees. c. Assess control risk. d. Provide a basis for suggestions to the client for improving the accounting system.
14.Which of the following control objectives in the General Ledger activities under the Record-to-Report process is least likely to have more extensive audit procedures for a business in an industry with fewer regulations? Group of answer choices To ensure that the general ledger and management accounts are accurate, reliable, and appropriately reflect the structure and operations of the organization. To ensure that the accounting records are maintained in accordance with the prevailing laws, regulations, and professional good practice. To ensure that the accounting information can be used to generate all the required statutory published accounting statements. To ensure that the accounting data is capable of meaningful and accurate analysis to support management decisions and actions.
Explain why many people think of internal auditors as theprimary group responsible for conducting operational audits
Which of the following accurately describes a characteristic of a management letter? Select all that apply. written on the auditor's letterhead O addressed to management or those charged with governance O reports internal control weaknesses O includes documentation of materiality and the audit plan O signed by management
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Why it is important to understand the culture of the company and what is its impact in internal audit procedures?
34) Which threat may occur as a result of the financial or other interests of a professional accountant or of an immediate or close family member? a) Familiarity threats b) Self-review threats c) Advocacy threats d) Self-interest threats