GEN COMBO LL PRINCIPLES OF AUDITING & OTHER ASSURANCE SERVICES; CONNECT AC
21st Edition
ISBN: 9781260427202
Author: Ray Whittington, Kurt Pany
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.
The independence of the internal audit department will most likely be assured if itreports to the(1) president. (4) audit committee of the board of directors.(2) controller. (5) vice president of finance.(3) treasurer.
Audit committees have an essential role to play in ensuring the integrity and transparency of corporate reporting. The external auditor will normally report to the audit committee on all the following matters except:
Select one:
a.Detected frauds.
b.Future staff requirements of the audit firm.
c.Potential breach of Corporation Act 2001.
d.The management responsibility in presenting annual financial reports.
Chapter 1 Solutions
GEN COMBO LL PRINCIPLES OF AUDITING & OTHER ASSURANCE SERVICES; CONNECT AC
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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- Choose from the following the primary responsibility of an internal auditor is to _________ a. The Directors b. The Shareholder c. The Creditors d. The Managementarrow_forwardexplain. 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_forwardAccording 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_forward
- Under Sarbanes–Oxley and PCAOB rules, ensuring that the auditor is independent inappearance is the responsibility ofa. The public accounting firm.b. Senior management.c. The audit committee.d. The PCAOBarrow_forwardIdentify from the following the department who are responsible to appoint internal auditors and organize independent internal audit a. Legal advisor b. External agency c. Shareholders d. Managementarrow_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 is true of the Audit Committee? O It is composed of a group of stockholders. O It includes both the internal auditors and the external auditors of a company. It is the group that conducts the audit of a company. Its main purpose is to report errors on the company's financial statements to the SEC. It is another term for the internal auditing department of a company.arrow_forward
- Which of the following individuals is incharge of the Policies and Procedures of the Organization Chief Audit Executive only Management Certified Public Accountant Internal Auditorarrow_forwardWhat is meant by internal control based on the professional standards of a public accountant is:a. A process carried out by the Board of Directors and the Board of Commissioners which is designed to provide adequate assurance about the reliability of financial reporting, effectiveness and efficiency of operations and compliance with applicable laws.b. A process carried out by the Board of Commissioners, management and other personnel of the entity that is designed to provide reasonable assurance about the reliability of financial reporting, effectiveness and efficiency of operations and compliance with applicable laws.c. A process carried out by all members of the internal audit department of a company to detect errors in the processes run by the companyd. B and C are correcte. All wrongarrow_forwardAudit 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_forward
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