Principles Of Auditing & Other Assurance Services
21st Edition
ISBN: 9781259916984
Author: WHITTINGTON, Ray, Pany, Kurt
Publisher: Mcgraw-hill Education,
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Chapter 1, Problem 29GOQ
To determine
Identify the correct option.
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g. In general, internal auditors' independence will be greatest when they report directly to the:
Multiple Choice
O
Financial vice president.
Corporate controller.
Audit committee of the board of directors.
Stockholders.
Choose from the following the primary responsibility of an internal auditor is to _________
a.
The Directors
b.
The Shareholder
c.
The Creditors
d.
The Management
Question: In corporate governance, what is the primary function of an audit committee? A)
Financial statement preparation B) Internal control evaluation C) Marketing strategy
development D) Employee training and development
Chapter 1 Solutions
Principles Of Auditing & Other Assurance Services
Ch. 1 - Prob. 1RQCh. 1 - Prob. 2RQCh. 1 - Prob. 3RQCh. 1 - Prob. 4RQCh. 1 - Prob. 5RQCh. 1 - Prob. 6RQCh. 1 - Prob. 7RQCh. 1 - Prob. 8RQCh. 1 - Prob. 9RQCh. 1 - Prob. 10RQ
Ch. 1 - Prob. 11RQCh. 1 - Prob. 12RQCh. 1 - Describe briefly the function of the GAO.Ch. 1 - Prob. 14RQCh. 1 - Prob. 15RQCh. 1 - Prob. 16RQCh. 1 - Prob. 17RQCh. 1 - Prob. 18RQCh. 1 - Prob. 19RQCh. 1 - Prob. 20RQCh. 1 - Prob. 21RQCh. 1 - Prob. 22RQCh. 1 - What characteristics make an accounting...Ch. 1 - Prob. 24RQCh. 1 - Prob. 25QRACh. 1 - A corporation is contemplating issuing debenture...Ch. 1 - Prob. 27QRACh. 1 - Prob. 28QRACh. 1 - Prob. 29AOQCh. 1 - Prob. 29BOQCh. 1 - Prob. 29COQCh. 1 - Prob. 29DOQCh. 1 - Prob. 29EOQCh. 1 - Prob. 29FOQCh. 1 - Prob. 29GOQCh. 1 - Which of the following did not precipitate the...Ch. 1 - Prob. 29IOQCh. 1 - Prob. 29JOQCh. 1 - Prob. 29KOQCh. 1 - Prob. 29LOQCh. 1 - Prob. 30OQCh. 1 - Prob. 31OQCh. 1 - Prob. 32OQCh. 1 - Prob. 33OQCh. 1 - Prob. 34OQCh. 1 - Prob. 35OQCh. 1 - Prob. 36OQCh. 1 - Prob. 37PCh. 1 - Prob. 38PCh. 1 - Will Williams, a college senior, has begun the...Ch. 1 - Smith Co., a local Dallas public accounting firm,...
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Similar questions
- According to the Institute of Internal Auditor's position paper on the three lines corporate governance model, which group is responsible for owning risks and developing corrective measures and internal controls to mitigate business and IT-related risks: a) first line b) second line c) third line d) Internal audit, at the direction of the Audit Committeearrow_forwardThe internal auditing staff of a large corporation usually reports to a committee of the board of directors, to a member of the top management group, or both. True or False True Falsearrow_forwardWhich of the following statements is correct? A.The external auditor is responsible for the preperation of a company's financial statements. B.Audit commitees are now compulsory for the top 500 companies C.An audit commitee may be responsible for reviewing policies on internal control procedures D.Corporate governance can provide assurances that management is accountable for the actionsarrow_forward
- The authority to appoint first independent auditor is vested to __________ a. The shareholders b. The board of directors c. The management d. The Central Governmentarrow_forwardAn internal auditor is primarily responsible to: a. The Customers b. The Management c. The Creditors d. The Shareholderarrow_forwardWhich of the following individuals is incharge of the Policies and Procedures of the Organization Chief Audit Executive only Management Certified Public Accountant Internal Auditorarrow_forward
- Audit committee activities and responsibilities includewhich of the following?a. Selecting the external audit firm.b. Approving corporate strategy.c. Reviewing management performance and determiningcompensation.d. All of the above.e. None of the abovearrow_forwardwhich type of the auditors will audit The computer operations of a large corporation to evaluate whether the internal controls are likely to prevent misstatements in accounting and operating data Select one: a. internal auditor b. IRS c. external auditor d. government auditorarrow_forwardwhich of the following areas would an internal audit be required to have proficiency when carrying out an audit of corporate governance processes? a. management and financial accounting b. computerized management information systems c. internal auditing standards, procedures, and techniques d. Fundamentals of commercial lawarrow_forward
- harrow_forwardThe key independent membership with the experience, skills, commitment and understanding focus of the Audit Committee (AC) in the Corporate Governance framework is "to assist the Board in the management of business risks and internal controls". ACs will help to enhance standards of corporate governance only if they include truly of the business. Briefly describe the essential attributes for an effective Audit Committee.arrow_forwardAnswer ASAP Which of the following BEST describes a Step-up practice related to Effective Audit and Risk Management - Risk Management and Internal Control Framework? a. The board establishes a Risk Management Committee, which comprises a majority of independent directors, to oversee the company risk management framework and policies. b. The board should determine the company level of risk tolerance and actively identify, assess and monitor key business risks to safeguard shareholder investments and the company assets. Internal controls are important for risk management and the board should be committed to articulating, implementing and reviewing the company’s internal control framework. c. Companies make informed decisions about the level of risk they want to take and implement necessary controls to pursue their objectives. The board is provided with reasonable assurance that adverse impact arising from a foreseeable future event or situation on the company objectives is mitigated and…arrow_forward
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