Accounting Information Systems
10th Edition
ISBN: 9781337619202
Author: Hall, James A.
Publisher: Cengage Learning,
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Chapter 1, Problem 11DQ
To determine
Explain why it is important that internal auditors report solely to the audit committee of the board of directors and answer to no other groups.
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What are some specific transactions that an auditor would expect to be approved by the board of directors? How would it affect the audit if these transactions were not required to be approved by the board?
Which of the following is NOT one of the roles of an audit committee?
Which of the following is NOT one of the roles of an audit committee?
reviewing the work of the internal audit
ensuring that appropriate resources are used in company operations
reviewing systems of internal control.
launching special investigations of employees, company practices, or procedures
Explain the reasons why internal auditors should or should not report their findings on internal control to the following:
The board of directors
The finance director
Chapter 1 Solutions
Accounting Information Systems
Ch. 1 - Prob. 1RQCh. 1 - Prob. 2RQCh. 1 - Prob. 3RQCh. 1 - Prob. 4RQCh. 1 - What is discretionary reporting?Ch. 1 - Prob. 6RQCh. 1 - Prob. 7RQCh. 1 - Prob. 8RQCh. 1 - Prob. 9RQCh. 1 - Prob. 10RQ
Ch. 1 - Prob. 11RQCh. 1 - Prob. 12RQCh. 1 - Prob. 13RQCh. 1 - Prob. 14RQCh. 1 - Prob. 15RQCh. 1 - What is the role of the accounting function in an...Ch. 1 - Prob. 17RQCh. 1 - Prob. 18RQCh. 1 - Prob. 19RQCh. 1 - What two roles are played by accountants with...Ch. 1 - Define the term attest function.Ch. 1 - Define the term financial services.Ch. 1 - Prob. 23RQCh. 1 - Distinguish between conceptual and physical...Ch. 1 - Prob. 25RQCh. 1 - Prob. 26RQCh. 1 - Prob. 27RQCh. 1 - Prob. 28RQCh. 1 - Prob. 29RQCh. 1 - Prob. 30RQCh. 1 - Prob. 31RQCh. 1 - Prob. 32RQCh. 1 - Why are custom systems more expensive than...Ch. 1 - Prob. 34RQCh. 1 - Briefly explain accounting independence.Ch. 1 - Prob. 36RQCh. 1 - Prob. 1DQCh. 1 - Prob. 2DQCh. 1 - Distinguish between financial and nonfinancial...Ch. 1 - Prob. 4DQCh. 1 - Do you think transaction processing Systems differ...Ch. 1 - Discuss the difference between the financial...Ch. 1 - Prob. 7DQCh. 1 - Discuss how the dements of efficiency,...Ch. 1 - Discuss what is meant by the statement, The...Ch. 1 - Discuss the importance of accounting independence...Ch. 1 - Prob. 11DQCh. 1 - Prob. 12DQCh. 1 - Discuss how conceptual and physical systems differ...Ch. 1 - Prob. 14DQCh. 1 - Prob. 15DQCh. 1 - Prob. 16DQCh. 1 - Prob. 17DQCh. 1 - Prob. 18DQCh. 1 - Prob. 19DQCh. 1 - Prob. 1MCQCh. 1 - Prob. 2MCQCh. 1 - Prob. 3MCQCh. 1 - Prob. 4MCQCh. 1 - Prob. 5MCQCh. 1 - Prob. 6MCQCh. 1 - Prob. 7MCQCh. 1 - Prob. 8MCQCh. 1 - Which of the following is NOT an objective of all...Ch. 1 - Prob. 10MCQCh. 1 - Which of the following best describes the...Ch. 1 - Prob. 12MCQCh. 1 - Prob. 13MCQCh. 1 - Which of the following statements is most...Ch. 1 - Prob. 1PCh. 1 - Prob. 2PCh. 1 - ACCOUNTING INFORMATION SYSTEM ACQUISITION What is...Ch. 1 - Prob. 4PCh. 1 - Prob. 5PCh. 1 - Prob. 6PCh. 1 - FUNCTIONAL SEGMENTATION The current organizational...Ch. 1 - COMMUNICATIONS Before the mid-1970s, systems...Ch. 1 - CHARACTERISTICS OF USEFUL INFORMATION All records...Ch. 1 - Prob. 10PCh. 1 - Prob. 11PCh. 1 - Prob. 12P
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Similar questions
- explain. the choices. An auditor is required to communicate significant deficiencies in internal control to Audit committee of the board of directors. Creditors and board of directors. Board of directors and internal auditors. Internal auditors and senior management.arrow_forwardWho develops and implement policy on the engagement of the external auditor to supply non-audit services ? Audit Committee Chief Executive Officer Management Board of Directorsarrow_forwardWho has responsibility for internal control in an organization? According to guidelines set forth in Section 404 of the Sarbanes-Oxley Act, what role does the auditor play in internal control?arrow_forward
- Which of the following is not a way by which the Sarbanes-Oxley Act attempts to ensure auditor independence from an audit client? Multiple Choice The auditing firm must be appointed by the client's audít committee. The audit committee must be composed of members of the client's board of directors who are independent of the management. Audit fees must be approved by the Public Company Accounting Oversight Board. The external auditor cannot also perform financial information system design and implementation work.arrow_forwardWhy is it important for the internal audit department to be functionally reporting to the audit committee?arrow_forwardWhich of the following statement is not related to role of audit committee? Approve remuneration and terms of engagement of the external auditor Monitor and review the effectiveness of the company’s internal control Monitor the integrity of the company’s financial statements To prepare the financial statement of the company in timearrow_forward
- The committee of the board of directors who is in charge of monitoring circumstances that might prevent the entity from achieving their objectives Group of answer choices Management committee Audit committee Compensation committee Risk committeearrow_forwardExplain how an audit committee could improve its effectiveness on internal auditor's internal control review and oversight work.arrow_forwardPlease explain clearlyarrow_forward
- What is the Committee of Sponsoring Organizations (COSO)? Summarize its history and explain why it is relevant to auditing. Explain what internal control means and explain how internal control relates to auditing. Please provide references if any.arrow_forwardWhich department is IN charge in overseeing the External Audit Activity? Audit Committee Internal Audit Department Accounting Department Human Resource Departmentarrow_forwardWhat are the auditor’s responsibilities to communicate information to the audit committee under PCAOB standards? If the auditor discovers that the audit committee routinely ignores such communications especially when they are critical of management’s use of GAAP in the financial statements, what step(s) might the auditor take at this point?arrow_forward
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