Which type of audit is an investigation into whether or not the use of resources is economic, efficient and effective? a. Forensic Audit b. Public Sector Audit c. Value for Money Audit d. Environmental Audit

Which type of audit is an investigation into whether or not the use of resources is economic, efficient and effective? a. Forensic Audit b. Public Sector Audit c. Value for Money Audit d. Environmental Audit

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter5: Professional Auditing Standards And The Audit Opinion Formulation Process

Section: Chapter Questions

Problem 6CYBK

See similar textbooks

Related questions

Q: Which of the following outcomes is NOT a desired outcome of a financial audit? Test internal…

A: A financial audit is an independent review of an organization's financial statements, records, and…

Q: What are advantages of external public audit?

A: External audit relates to the examination of financial records in connection with the financial…

Q: Elements of an auditor's report? The most important component

A: The auditors report is very important for the company as well as the investor . Auditor report…

Q: Which of the following tasks is a function of an audit committee? Select one: a. Making decisions…

A: Audit committee: It can be defined as a committee that consists of company's board of directors…

Q: An audit plan is : a. The blueprint for conducting the audit and accomplishing the audit objectives.…

A: An audit plan is "The blueprint for conducting the audit and accomplishing the audit objectives."

Q: discuss the process of auditing the following: • Investments • Laws and regulations • Contributions…

A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: Auditing is a systematic process by which a competent, independent person objectively obtains and…

A: The word auditor is used to define that qualified professional who has been assigned with the…

Q: developing and evalueting audit documentation

A: Audit documentation is the way of recording the audit plans, procedures and findings in a working…

Q: What do you focus on most when evaluating the relevance of information or audit evidence? Whether…

Q: Another term used for performance audit is * a. Agency activity audit b. Value for money audit c.…

A: A performance audit s an independent assessment of an entity's operations to determine if specific…

Q: How can analytical procedures be performed in audit planning?

A: Analytical procedures: Analytical procedure refers to a financial audit procedure that helps an…

Q: What is the term used to describe a systematic process of objectively obtaining evidence regarding…

A: Auditing is a systematic process that helps in providing a true and fair picture of the financial…

Q: What is the role of internal audits in assessing the effectiveness of control procedures and…

A: Internal audits are independent and objective assessments conducted within an organization to…

Q: Explain the function of standards andmeasurements in economy, efficiency, andprogram results audits.

A: Internal Auditor: An internal auditor is a qualified professional hired by an entity to provide an…

Q: how key audit matters affect the model of the audit report?

A: Auditing: Auditing refers to the procedure for providing independent report over the presentation…

Q: Analytical procedures issued in the planning stage of an audit, generally_______ Select one: a.…

A: The question is asking about the purpose of analytical procedures in the planning stage of an audit.…

Q: What are advantages of internal public audit?

A: Given: The advantages of the internal audit in the public sector.

Q: Where the auditor should summarize the overall audit strategy that contains the key decisions about…

A: Solution: - Where the auditor conduct an audit, At the time of conduct the audit auditor should…

Q: What is the purpose of performing preliminary analytical procedures in audit planning?

Q: What is the basis? what are the different ones and how are they calculated?

A: Auditing is defined as the process of verifying the financial statements of a business. The…

Q: How are the substantive procedures performed by the audit team related to the objective of MUS?

Q: Which of the following audit is a continuous process ? Risk Management Internal Audit Balance Sheet…

A: Audit definition - The audit is an independent examination of financial information of an entity…

Q: Explain the following audit strategy document main sections: Scope Materiality Audit Strategies…

A: Answer:- Audit strategy:- The definition of an audit strategy includes the audit approach used by…

Q: The final outcome of an audit process is a/an _______________ a. Audit report b. Profit or loss c.…

A: The audit is a process of analyzing the reports of business.

Q: The audit working paper that reflects the major components of an amount reported in the financial…

A: An entity's financial records, statements, and other financial information are examined as part of…

Q: EXPLAIN AND WHAT KIND OF AUDIT EVIDENCE NEEDED BY AUDITOR OR AUDITING?

A: Auditing is the process of examining a company's financial records, systems, and processes to ensure…

Q: List the revenue cycle audit objectives derived from the “existence or occurrence” management…

A: Assertion: management asserts that the information provided by them is complete , exist , correctly…

Q: What is the ULRD? What information does the ULRD provide to the audit team?

Q: Providing timely information about transactions in sufficient detail to permit proper classification…

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: Identify benefits of using analytical procedures in the audit process

A: Although every audit process is unique, the audit process is similar for most engagements and…

Q: Distinguish between an audit strategy and an audit plan or audit program?

A: An audit is a scrutiny of financial statement of a business entity.

Q: What type of audit objectively obtains and evaluates evidence regarding assertions about economic…

A: Audit is an independent examination of financial statements of a company to ensure that the…

Q: 12. When auditing' intangible assets, the auditor would likely recomputed amortization and determine…

A: Recomputation of amortization and assessing management's recorded amount is reasonable is performing…

Question

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Definitions:

VIEW

Explanation :

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

What is the term used to describe a systematic process of objectively obtaining evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between those assertions and established criteria and communicating the results to interested users? a. Financial statement audit. b. Internal audit. c. Program audit d. External audit.
A review of how an organization’s management and its operating procedures are functioning with respect to their effectiveness and efficiency in meeting stated objectives. a. External Audit b. Operational Audit c. Cash Audit d. Internal Audit
Another term used for performance audit is *a. Agency activity auditb. Value for money auditc. Program implementation auditd. Regulation compliance audit
What type of audit objectively obtains and evaluates evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between those assertions and established criteria? This type also communicates the results to interested users.
An examination of part of an organization's procedures and methods for the purpose of evaluating efficiency and effectiveness is what type of audit Select one: a. compliance audit b. operational audit c. financial statement audit d. production audit
Which of the following is a benefit of providing financial information? O Auditing. O Potential litigation. O Disclosure to competition. O Improved allocation of resources.
Which of the following audit types is designed to add value and improve the organization's operations and internal controls? a. External audit b. Internal audit c. Statutory audit d. Government audit
23. Which of the following best describes the scope of internal auditing as it has developed to date? Group of answer choices Internal auditing involves appraising the economy and efficiency with which resources are employed Internal auditing involves evaluating compliance with policies, plans, procedures, laws, and regulations Internal auditing has evolved to verifying the existence of assets and reviewing the means of safeguarding assets Internal auditing has evolved to more of an operational orientation from a financial orientation
37. Which of the following best describes the scope of internal auditing as it has developed to date? Group of answer choices Internal auditing involves evaluating compliance with policies, plans, procedures, laws, and regulations Internal auditing has evolved to verifying the existence of assets and reviewing the means of safeguarding assets Internal auditing involves appraising the economy and efficiency with which resources are employed Internal auditing has evolved to more of an operational orientation from a financial orientation
Advantages/disadvantages of internal and external audit of the public sector.
What are advantages of external public audit?
What are advantages of internal public audit?